We are excited announce our Series D financing round, totaling $300M, which was led by SoftBank, with further participation from Toyota Motor Corporation, and inside investors.
Over the past year, we expanded to new markets, accelerated growth in existing markets and formed integrated partnerships with industry-leading automakers and mobility companies to bring Getaround to more people in more places. SoftBank is the premier global investor in mobility, and has tremendous experience working with transportation brands like ours. We are confident in our product, playbook, and team—alongside the strong support from both SoftBank and previous investors, we look forward to leading the growth of next-generation carsharing.
We will use the additional capital to continue growing and expanding into new cities in North America and around the world. The company will also use the capital to develop mobility partnerships, launch new product offerings, create operational efficiencies, and continue innovating on its connected car technology.
This Series D financing marks another major milestone for us. Since announcing our Series C funding in April 2017, we have executed our playbook to rapidly expand and scale new markets—where we’vee seen booked hours increase 7.5x. Getaround is now available in 66 cities across the United States, with notable markets launched in the past year, including Boston, New Jersey, Los Angeles, Seattle, San Jose and Philadelphia—all of which are growing 3x faster than our first market of San Francisco.
In May 2017, we partnered with Uber to launch an instant booking experience for potential drivers, empowering people without cars to earn money driving with Uber. Following this success, we together launched “Uber Rent powered by Getaround” in April 2018, allowing people to instantly rent and access Getaround cars directly through the Uber app.
During the same period, we partnered with Toyota to expand our initial 2017 collaboration to create an innovative fully-connected sharing experience. Together we have created car share-ready Toyota and Lexus brand vehicles through the integration of our platform with Toyota’s pre-installed Smart Key Box (SKB), alongside financial innovations that enable owners to make their monthly car payment from their Getaround earnings.