Getaround

Getaround is a global car-sharing platform that enables consumers or "guests" to access vehicle rentals, while also offering income opportunities to "hosts" that supply them. The platform is set up to provide a completely digital, touchless experience through Getaround Connect, which allows guests to skip waiting lines and manual paperwork at a rental location, or meet anyone in person to exchange keys. Getaround generates revenue through fees charged to guests, which include the trip price and various trip-related fees, such as booking fee, toll fee, or late-return fee, and an average commission of 40% of the trip price charged to hosts. In May 2023, the company launched Getaround TrustScore v2.0, an AI model aimed at improving safety in the carsharing marketplace. The model is expected to reduce claims and insurance expenses by up to 50%. As of September 2022, Getaround served ~1.7 million individual users and features ~72,000 available cars in over 1,000 cities across eight countries, including the US and Europe. 

The company acquired Norwegian car rental startup, Nabobil, for USD 12 million in June 2019. This marked Getaround’s first expansion beyond the US, as it added seven new European countries, including Germany, Spain, and Austria, to its geographical footprint. This followed Getaround’s acquisition of French car-sharing platform, Drivy, for USD 300 million in April 2019. The combined unit had a presence in more than 300 cities across the US and Europe. With a total of more than five million users between the two companies, Getaround became the leading car-sharing marketplace globally. 

Key customers and partnerships

In October 2022, Getaround formed a strategic alliance with travel search engine, KAYAK, to blend Getaround's touchless services with KAYAK's platforms. It also partnered with vehicle subscription company, GO (September 2022), to expand its business by allowing individuals that list their cars on Getaround to receive rebates worth up to USD 1,200 per vehicle from GO. Other partners include on-demand “retreats-as-a-service” platform, WKND, and Toyota (October 2016).

Funding and financials

In May 2024 , Getaround raised USD 50 million in capital as an expansion of its debt facility with Mudrick Capital Management. The funds were used to support long-term business growth. 

In December 2022, the company concluded its business combination with InterPrivate II Acquisition Corp., to list on the NYSE. The merger valued the company at ~USD 1.2 billion, and Getaround allocated the money to expand into new markets and broaden its offering.

In 2023, Getaround reported gross bookings of USD 204 million (up 16% YoY) with total revenue rising to USD 72.7 million (up 22% YoY).   The revenue improvement helped reduce its adjusted EBITDA loss to USD 72 million, a 20% YoY improvement. Additionally, the company recorded a net loss per share of USD 1.2 (USD 5 in 2022). Although the company did not report overall EBITDA profitability, 2023 it was a 20% improvement from the same period in the preceding year.