VW invests $300m in Israeli taxi-hailing co Gett

GetTaxi

The latest financing brings to $520 million, the amount raised by the Tel Aviv based ride booking on-demand company.

Israeli tax-hailing company Gett (formerly Get Taxi) announced today that it has raised $300 million from German carmaker Volkswagen. This brings the amount raised by the Tel Aviv-based company to $520 million.

Gett was founded in 2010 and offers a range of transport and courier services in 60 cities worldwide including New York, London, and Moscow.

Gett founder and CEO Shahar Waiser said, "The investment from Volkswagen will speed up our geographic expansion to the rest of Europe and the US beyond New York where we already operate. VW is an excellent strategic partner. The ride booking on demand sector has grown in huge strides and Gett allows VW to expand beyond car ownership to the world of mobility on demand. Moreover, the two companies are succeeding with both private and business customers. VW can now leverage success in this field and offer mobility on demand to business customers.

Volkswagen chairman Matthias Muller said, “Alongside our pioneering role in the automotive business, we aim to become one of the world’s leading mobility providers by 2025. Within the framework of our future Strategy 2025, the partnership with Gett marks the first milestone for the Volkswagen Group on the road to providing integrated mobility solutions that spotlight our customers and their mobility needs.”

Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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