Car-sharing startup Getaround Inc. has raised about $300 million in the latest funding round led by Japan's SoftBank Group Corp., the San Francisco company said on Tuesday.
Toyota Motor Corp. and some other existing investors were also part of the funding round, Getaround said.
The company, founded in 2013, has been operating its car-sharing service in 66 U.S. cities, including San Francisco, Chicago and Washington.
Getaround said it will use the latest funding to expand in North America and around the world and to develop partnerships with automakers.
Peer-to-peer car sharing is seen as a threat to traditional vehicle ownership and many global automakers, including General Motors and Volkswagen Group, have adapted to the changing face of the sector by entering into partnerships with companies such as Getaround.
The startup, which partners with Ford Motor Co. and Toyota, also collaborated with Uber Technologies Inc. in April to launch Uber Rent in San Francisco.
Last year, Getaround raised $45 million in new capital, led by venture capital firm Braemar Energy Ventures. Some of the company's other investors include asset management firms Menlo Ventures, automotive services provider Cox Automotive Inc. and actor Ashton Kutcher.
SoftBank, with its $93 billion Vision Fund, is known for its appetite for big technology investments and is the largest shareholder in Uber. It has also taken stakes in China's ride-hailing app Didi, India's Ola and Southeast Asia's Grab.