Gett raises $80m more

Gett Photo: Yael Amir

The company reports that it expects to post a profit in the first quarter of 2019.

Gett (formerly GetTaxi) which provides on-demand transportation services, today announced an $80 million financing round at a company valuation of $1.4 billion. Gett operates in over 120 cities in Europe and Israel and also operates transportation services in New York under the brand of the Juno company, which it acquired last year for $200 million. All of Gett's main shareholders participated in the round, including MCI, Baring Vistok, Access, and the Volkswagen group, which has invested $300 million in the company to date. According to its figures, Gett's revenue from sales of transportation and mobility services total $1 billion, half of which comes from the company's business in London and New York. Gett founder and CEO Shahar Waiser said that Gett would start making a profit in all of the countries in which it operates (excluding R&D expenses) "by the first quarter of 2019 - long before our competitors."

Gett has raised over $700 million, including over $300 million from the Volkswagen group. The company was selected by "Forbes Magazine" as "one of the 15 fastest-growing companies." Gett, founded in 2010, has raised $693 million in nine financing rounds to date, not including the current round. Its capital raising is low in comparison with other companies in the sector operating in the US, Europe, and China.

Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Gett Photo: Yael Amir
Gett Photo: Yael Amir
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