Uber Rival Gett Secures $115 Million in New Funding

By Mariliana Fotopoulou Wednesday, January 13, 2021

Gett, the Israeli rideshare mobility startup, said it closed a new funding round of $115 million. According to the official statement, the startup is now an “operationally profitable” business, and it has reached success in achieving its budget goals.

The latest fundraising series was led by the new investor Pelham Capital Investments. The company has now secured $865 million in total funding, while it was last valued at $1.5 billion after its $200 million fundraising round in May 2019. The latest valuation of the business is yet to be revealed.

Dave Waiser, Gett’s founder and chief executive, said the latest fundraising round represents an extension to the previous round, a $100 million capital investment announced in July 2020.

“We are on a journey to transform corporate ground travel and I’m delighted that investors find our model attractive. This investment will allow us to further develop our SaaS technology and deepen our proposition within the corporate ground travel market (both travel-related and local ones).

“It has been an incredibly difficult period for the travel sector, but we are pleased to have finished 2020 operationally profitable and on budget.”

The company’s chairman, Amos Genish, said the fundraiser was oversubscribed, pointing to “the market’s interest in our platform and long-term vision. Gett is disrupting and transforming a fragmented market delivering ever-critical cost optimisation and client satisfaction.”

The business, previously known as GetTaxi, started operating as a rideshare company like Uber and Lyft, but now mainly focuses on providing transportation services to business clients across the world.

The mobility startup has been working on expanding into the B2B market for a couple of years now, a decision that has helped it avoid expensive challenges in trying to compete against Uber and Lyft.

Gett offers a reliable platform to business clients, providing them with an easy way to order car services whenever they need it. In the past, these clients have been forced to use several local services.

The startup’s services are now available in around 1,500 cities around the world. Furthermore, the company offers direct transportation services in some major cities such as London and Moscow, whereas in other cities, it has partnerships with third-party firms.

Summary

Uber rival and emerging transport and mobility company Gett announced a new fundraising round of $115 million to bring the total amount of funds raised to $865 million.

About the Author


Headshot for author Mariliana Fotopoulou

Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.

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