Gett, the Israeli-founded ride-hailing mobility startup that also operates in Russia, New York, and the UK, announced on Tuesday that it raised USD 100 million from new and existing investors.
Gett CEO and founder Dave Waiser told TechCrunch that the funding came from equity financing.
The company said it will be using the proceeds “to continue improving Gett’s SaaS (software-as-a-service) global ground travel platform for corporates.”
Gett also said it planned to continue investing in its business to business (B2B) service, which has grown despite the ongoing coronavirus pandemic.
Gett has now raised more than USD 750 million in total, with investors including VW, Access and its founder Len Blavatnik, Kreos, and MCI.
The company’s current valuation stands at USD 1.5 billion, holding steady since May 2019 when the company raised USD 200 million in equity and debt financing.
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Gett said a third of Fortune 500 companies are among its loyal clients and notes an increase in corporate sign-up since the start of the COVID-19 pandemic. Gett also said it is on a “steady climb to become cashflow-positive during 2021, ahead of a potential IPO.”
“Being fully funded and reaching a key milestone in our profitability journey is an important step for the company. The proceeds will help us grow our unique corporate SaaS platform internationally, while we consider an IPO in the future, to further accelerate our expansion,” Waiser said in the announcement.
“The way people move around in cities is changing dramatically as a result of COVID-19, and businesses are seeking to optimize costs and to put in place efficient and safe ground travel solutions for their employees,” he added. “Our mobility software is helping businesses thrive by empowering people to be their best on the go.”