August 21, 2018 / 1:08 PM / 3 months ago

Car-sharing startup Getaround raises $300 million in funding led by SoftBank

(Reuters) - Car-sharing startup Getaround Inc has raised about $300 million in the latest funding round led by Japan’s SoftBank Group Corp, the San Francisco-based firm said on Tuesday.

Toyota Motor Corp and some other existing investors were also part of the Series D funding round, Getaround said.

The company, founded in 2013, has been operating its car-sharing service in 66 U.S. cities including San Francisco, Chicago and Washington D.C.

The company said it will use the latest funding to expand in North America and around the world and to develop partnerships with automakers.

Peer-to-peer car sharing is seen as a threat to traditional car ownership and many global automakers, including General Motors Co and Volkswagen AG (VOWG_p.DE), have adapted to the changing face of the sector by entering into partnerships with firms like Getaround.

The startup, which partners with Ford Motor Co and Toyota, also collaborated with Uber Technologies Inc [UBER.UL] in April to launch Uber Rent in San Francisco.

Last year, Getaround raised $45 million in new capital, led by venture capital firm Braemar Energy Ventures. Some of the company’s other investors include asset management firms Menlo Ventures, automotive services provider Cox Automotive Inc and actor Ashton Kutcher.

SoftBank, with its $93 billion Vision Fund, is known for its appetite for big technology investments and is the largest shareholder in Uber. It has also taken stakes in China’s ride-hailing app Didi, India’s Ola and Southeast Asia’s Grab.

Reporting by Akanksha Rana and Sonam Rai in Bengaluru; Editing by Saumyadeb Chakrabarty

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