About the Car-Sharing Startup Company
Getaround is a car-sharing marketplace business and app that allows anyone to rent their cars for other people or companies to use. The purpose of the startup company is to provide safe, convenient, and affordable cars for people to share. Through a car-sharing business model, it will decrease the number of cars on the road, resulting in the reduction of traffic, accidents, and pollution.
The car-sharing app business is powered through its proprietary Getaround Connect technology. This technology is an electronic device installed in each vehicle registered with the startup company. It allows users to find, book, and unlock cars with the same device, and has several safety features. Additionally, the business app is available in more than 800 cities across the US and Europe and has over 6 million users.
Since this is a private company, there is no information available regarding the net worth of the business. That said, Getaround has raised approximately $568 million in financing from many different investors, including Toyota, SoftBank Vision Fund, and Horizon Technology Finance. In October 2020, the startup company with its app raised $25 million in venture debt financing, one month after the business was able to secure $140 million.
As a result of this success, the business announced today a new Power Host program.
About the Power Host Program
The new Power Host program is designed to support hosts with two or more vehicles that are registered with Getaround. The launch of this new program comes on the heels of the car-sharing app business launching in 26 new cities in the last three months, and seeing an 80% growth in its geographic footprint since last year.
COO of the car-sharing startup company, Dan Kim, said, “Just like how people can earn money by sharing their homes on home-sharing marketplaces, anyone with a car can start generating income on Getaround.” He added, “We've started to see an increase in Power Hosts with fleet sizes that have grown from an average of eight cars last year to 12 cars this year, and even have Power Hosts with dozens of cars. In response, we developed the Power Host program to help these entrepreneurs build, operate and scale their own car sharing business in the easiest way possible.”
The Getaround Power Host program features the Getaround Connect technology, 24/7 customer support, and a $1 million insurance policy for hosts, among other features.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.