Published: November 22, 2014 | San Fransisco, CA
Getaround, the leading peer-to-peer carsharing community, has raised $24 million in Series B financing led by automotive giant Cox Automotive— owner of AutoTrader, Kelley Blue Book and Manheim Auctions. Other participating investors in the round include Menlo Ventures, Triangle Peak Partners, and SOS Ventures. This latest round of investment brings Getaround’s total funding to over $40 million. With this strategic investment, Getaround will expand its on—demand carsharing service into major US markets, starting with Oakland, Portland, and launching on the East Coast with Washington D.C.
Through its portfolio of companies, Cox Automotive reaches more than 32 million car consumers each month and facilitates the marketing and sales of tens of millions of vehicles each year. Coupled with the company’s direct relationship with car manufacturers and dealerships across the country, this partnership presents significant opportunities for Getaround and Cox to truly change the way people own cars by expanding access to peer-to-peer carsharing and lower barriers to participation.
David Liniado Vice President New Ventures Cox Automotive says, “We have been closely following the evolution of both carsharing and connected cars—Getaround fits perfectly at the intersection of these two growing trends—and we’re thrilled to lead this investment and to be working with the Getaround Team.”
Getaround’s funding comes on the heels of a series of major product developments aimed at creating a seamless, on-demand carsharing experience. With the updated Getaround Connect™ hardware and new iPhone and Android apps, Getaround is now a community where users can instantly share cars without the hassle of waiting for their request to be approved or meeting in-person to get the car keys.
With the model thriving in the company’s home base of San Francisco, Getaround is ready to bring its on—demand carsharing experience to major U.S. markets, starting with Oakland, Portland and the company’s first East Coast market, Washington D.C. in early 2015.