Company Profile: Getaround
Background
Getaround is a peer-to-peer car-sharing platform that connects vehicle owners with individuals seeking short-term access to cars. Founded in 2009 by Sam Zaid, Jessica Scorpio, and Elliot Kroo, the company is headquartered in San Francisco, California. Getaround's mission is to empower people to carshare everywhere, offering a fully digital and contactless car-sharing experience through its proprietary technology, the Getaround Connect® device. This device enables users to rent, find, and unlock vehicles via the Getaround app. As of December 31, 2023, Getaround's platform supported approximately 2.0 million unique guests and had approximately 80,000 active cars in more than 1,000 cities across eight countries worldwide, including the United States and Europe.
Key Strategic Focus
Getaround's strategic focus centers on providing a seamless, digital car-sharing experience that benefits both vehicle owners and renters. The company's core objectives include:
- Expanding Global Reach: Operating in over 1,000 cities across eight countries, Getaround aims to increase its presence in both high and low population-density areas.
- Enhancing User Experience: By leveraging its proprietary Getaround Connect® technology, the company offers a contactless booking, pickup, and return experience, eliminating the need for in-person interactions.
- Supporting Vehicle Owners: Getaround provides hosts with low entry costs, digital fleet management, and dynamic pricing algorithms informed through data analytics, enabling them to monetize their vehicles effectively.
Financials and Funding
Since its inception, Getaround has raised a total of $736 million across 17 funding rounds. Notable funding milestones include:
- August 2018: A $300 million Series D funding round led by SoftBank Group, with participation from existing investors such as Toyota.
- May 2022: Getaround announced a merger with InterPrivate II Acquisition Corp., a special purpose acquisition company (SPAC), to go public on the New York Stock Exchange under the ticker symbol 'GETR'. The pro forma equity value of the combined company was approximately $1.2 billion.
- July 2024: The company's stock was delisted from the NYSE and transferred to the OTC Markets, reflecting financial challenges and a shift in strategic focus.
Pipeline Development
As of December 31, 2023, Getaround's platform facilitated approximately 7.9 million car-sharing trips, with hosts earning more than $520 million through the marketplace. The company continues to focus on expanding its vehicle inventory and enhancing its technological infrastructure to support a growing user base.
Technological Platform and Innovation
Getaround's proprietary technology, the Getaround Connect® device, is a key differentiator in the car-sharing industry. This device enables a fully digital and contactless car-sharing experience, allowing users to rent, find, and unlock vehicles via the Getaround app without the need for physical key exchanges.
Leadership Team
The leadership team at Getaround includes:
- Sam Zaid: Co-founder and CEO, leading the company's strategic direction and operations.
- Jessica Scorpio: Co-founder and former Chief Marketing Officer, instrumental in the company's early growth and marketing strategies.
- Elliot Kroo: Co-founder and Chief Technology Officer, responsible for overseeing the development and implementation of Getaround's technological platforms.
Competitor Profile
Market Insights and Dynamics
The car-sharing market has experienced significant growth, driven by urbanization, environmental concerns, and changing consumer preferences towards shared mobility solutions. Getaround's competitors include:
- Turo: A peer-to-peer car-sharing platform operating in the U.S., Canada, the U.K., France, and Australia. Turo offers a wide range of vehicles, including luxury and unique cars, and has established a strong brand presence.
- Traditional Car Rental Companies: Companies like Avis Budget Group and Hertz Corporation, which have expanded their services to include car-sharing options, posing competition to peer-to-peer platforms.
Strategic Collaborations and Partnerships
Getaround has engaged in strategic partnerships to enhance its service offerings:
- Toyota: In 2017, Toyota invested in Getaround, aligning with its strategy to explore alternatives to traditional car ownership.
- Uber: Getaround has partnered with Uber to provide drivers with access to vehicles, integrating its services to support the gig economy.
Operational Insights
Getaround's operational strategy focuses on leveraging its proprietary technology to offer a seamless, digital car-sharing experience. The company emphasizes expanding its global footprint, enhancing user experience, and supporting vehicle owners through digital fleet management and dynamic pricing algorithms. Despite facing financial challenges, including the delisting from the NYSE in July 2024, Getaround continues to adapt its operations to meet market demands.
Strategic Opportunities and Future Directions
Looking ahead, Getaround aims to:
- Expand its European Presence: With a strong foothold in several European countries, the company plans to further grow its market share in these regions.
- Enhance Technological Capabilities: Continued investment in technology to improve the user experience and operational efficiency remains a priority.
- Strengthen Strategic Partnerships: Collaborations with automotive manufacturers and ride-sharing platforms present opportunities for growth and service diversification.
