Car-sharing company Getaround Inc. said Wednesday it has raised $140 million in additional venture capital funding at a time when its business is seeing growing demand and recovering from a collapse during the early days of the coronavirus pandemic.
The San Francisco-based company, backed by Japan's SoftBank Group Corp., has raised a total of nearly $600 million since it was founded more than ten years ago and in previous rounds was valued at more than $1.5 billion.
The company allows private vehicle owners to rent out their cars through Getaround's platform on an hourly or daily basis and operates in more than 100 U.S. cities and more than 170 European locations after the company acquired a local competitor in 2019.
Getaround's business suffered during the initial outbreak of the novel coronavirus in March and April, when demand dropped 75 percent and the company sought financial support from a U.S. pandemic aid program. Media reports at the time also said Getaround was actively seeking a buyer.