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Funding
Getaround raises USD 20 million in debt funding to drive profitability
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Jul 9, 2024

Getaround raises USD 20 million in debt funding to drive profitability

Funding

  • Getaround secured a funding commitment from Mudrick Capital Management L.P. (Mudrick Capital). The investment, expected to total up to USD 20 million, will be available by July 26, 2024. It is part of the company's existing debt facility with Mudrick Capital, which plans to convert a minimum of USD 10 million of its outstanding convertible senior secured PIK toggle notes due 2027 at a conversion price of USD 0.25 per share.

  • The fresh funds outlined will be used to continue Getaround's path toward profitability. The agreement to transform part of the outstanding convertible debt will occur within 45 days following Getaround’s 2024 Annual Stockholder Meeting, scheduled for July 31, 2024.

  • Analyst QuickTake : The funding commitment follows the company raising USD 50 million in May 2024 as an expansion of its debt facility with Mudrick Capital Management. The funding was aimed at stabilizing the company’s financial position among other uses, with Getaround recording a GAAP net loss of USD 113.9 million in FY2023

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