Car-Sharing Platform Getaround Raises $34 Million to Expand Technology Applications

Getaround, a peer-to-peer carsharing platform, has raised $45M in new capital.

The Series C equity round was led by Braemar Energy Ventures, with global automakers like Toyota and SAIC joining the round in addition to existing venture investors including Menlo Ventures and Triangle Peak Partners.

Getaround plans to use the capital to expand to additional North American markets and innovate on its patented connected car technology, which allows people to share their cars for others to discover, rent, and unlock via mobile.

“We are fortunate to have earned tremendous support from our new and existing investors as well as our strategic partners,” said Sam Zaid, CEO of Getaround. “By turning any vehicle on the road today into a connected car on Getaround, we have created the only marketplace to instantly share cars.”

The company has recently secured a number of strategic partnerships to broaden the ways its technology can be used, including a technology integration with Toyota, and partnerships with Uber and Mercedes-Benz.

“We have been very impressed by Getaround’s innovation in automotive technology,” said Neil Suslak, Managing Partner of Braemar Energy Ventures. “With the team’s drive to secure more global partnerships and advance its technology, Getaround is poised to shape the automotive industry, the future of mobility, and to ensure the way cars are shared positively impacts the environment.”

Suslak, known for his investments in energy and transportation technology companies, has joined the Getaround Board of Directors.

“In 2017, we are excited to continue driving growth in existing markets, while also bringing Getaround to more communities across North America,” said Jessica Scorpio, Founder and CMO of Getaround. “This capital accelerates our ability to build upon partnerships and increase marketing efforts, further strengthening our ability to enable as many people as possible to share their cars.”