Auto Industry Bets on Ridesharing With $24 Million Getaround Funding
An auto industry-related company pumped $24 million in funding into San Francisco-based ridesharing service Getaround “to truly change the way people own cars by expanding access to peer-to-peer car-sharing and lower barriers to participation”.
Cox Automotive, which provides vehicle remarketing and other services to car dealers and consumers, also owns AutoTrader, Kelly Blue Book and Manheim Auctions.
Also participating in the round, which reportedly values Getaround at $200 million, were existing investors Menlo Ventures and SOS Ventures, as well as Triangle Peak Partners, bringing Getaround’s total funding to $40 million.
Getaround states that it plans to use the funding to expand from San Francisco, San Diego, Chicago and Austin to Oakland, Portland and Washington, D.C., the company states.