We have big news to share. Actually, we have three pieces of news to share: we’ve grown over ten-fold in the past year, had 7x annual growth in revenue, and just signed a new insurance deal that enables us to expand carsharing nationwide. None of this would have been possible without you.
We launched Getaround to do something huge: positively impact a billion people in 10 years by fighting climate change, empowering people and transforming our cities through carsharing. Our mission is simple yet powerful: empower people to carshare everywhere.
As you know, last year we shifted our focus to Instant rentals with an even greater focus on our hardware technology. We did so because we believe when renters can instantly find, rent, and unlock great cars nearby, then carsharing can truly provide a real alternative to owning or buying a car. We’re thrilled to announce: it’s working, and it’s growing quickly.
12x Increase in Number of Instant Cars
Getaround lets you find, rent and unlock cars instantly from your phone—on demand, when and where you need them. No meeting people, swapping keys, or waiting to get where you need to go. It’s all possible because our mobile app communicates directly with our patented Carkit™, the hardware solution designed and developed in-house at Getaround HQ in San Francisco. It eliminates the hassle for our owners and it makes it a seamless experience for our renters. As a result demand skyrocketed, and so did our revenue.
7x Annual Growth in Revenue
From January 2013 to January 2014 we’ve had a 7x annual growth in revenue, driven primarily by Instant rentals. This means more trips booked and increased earnings for Getaround owners. In the last month alone, we’ve seen a 25 percent increase in trips booked.
After only a year, Instant trips account for 90% of all of our bookings in San Francisco.
New Insurance Partnership Sets Stage for Nationwide Expansion
Finally, we’re excited to announce that we have signed a new insurance policy
with Fortune 500 Insurance provider Assurant (NYSE:AIZ). Our
new policy will continue to provide owners and renters with $1 million primary coverage and it will also enable us to launch new markets across the country. All owners have to do is visit www.getaround.com/autoid to print their new insurance card.
We believe that together, these three announcements are huge news for the future of carsharing and it is possible because of your continued support. Our goal has always been to enable car sharing everywhere, and today, we feel one step closer to that goal.
We are excited for 2014 and to building the future of car sharing with our amazing community. We deeply believe in what we are building together, and we are grateful for your continued support. Together, we can transform our cities, fight climate change, and make our small dent in the universe. Together, we are #GoingPlaces.
Jessica Scorpio , Getaround Founder