November 30, 2016 / 11:21 AM / 2 years ago

Israel's Gett gets $100 mln venture loan from Russia's Sberbank

TEL AVIV, Nov 30 (Reuters) - Russia’s Sberbank said on Wednesday it signed a $100 million seven-year venture loan agreement for Gett, an on-demand mobility company operating in Russia, the United States, United Kingdom and Israel.

The funds will be used to finance Gett’s business expansion, and Sberbank will hold options linked to Gett stock.

Igor Bulantsev, acting head of Sberbank’s corporate and investment banking business, said the opportunity to finance a “significant digital business” was especially important for the bank’s strategy.

This venture loan was the first of its kind for Sberbank.

Founded in 2010, Gett’s technology enables consumers and businesses to instantly book on-demand transportation and delivery services. Earlier this year, Gett, formerly Get Taxi, announced a $300 million strategic investment from Volkswagen, bringing total funds raised by Gett to over $640 million.

Reporting by Tova Cohen

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