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SoftBank Supported Getaround Raises $200 Million at Over $1.5 Billion Valuation

Getaround, a used car market, and winner of Disrupt New York Battlefield 2011 will enter the unicorn group with an approximately $200 million equity financing.

The deal values Getaround, started in 2009, at $1.7 billion, according to an estimate offered by PitchBook. Getaround refused to remark, citing internal policy on “funding hypothesis.”

The news follows the corporate’s $300 million acquisition of Drivy, a Paris-headquartered automobile-sharing startup that operates in 170 European cities.

Getaround shut a Series D funding of $300 million in 2018, a round guided by SoftBank with participation from Toyota Motor Corporation. Existing investors in the enterprise, which permits its some 200,000 members to hire and unlock automobiles from their mobile phones at $5 per hour, include Menlo Ventures and SOSV.

Assuming an upcoming $200 million infusion, Getaround has raised over $600 million in equity funding so far.

Whether SoftBank has participated in Getaround’s newest financing is unknown. The business is an active investor in the car-sharing sector, with funds in Chinese ride-hailing enterprise Didi Chuxing, Uber and self-driving company Cruise.

Getaround was expected to expand into global marketplaces with its earlier fundraise. The corporate has moved into France, Germany, Spain, Belgium, Australia and the U.K. where it operates under the name “Drivy by Getaround,” and in Norway under the “Nabobil” title.

The enterprise initially launched its car-sharing facility in 2011, relying on gig workers who can list their vehicles on the Getaround market for $500 to $1,000 a month in payments, depending on how often their automobiles are rented.

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