Ride-hailing app Gett raises $107m in funding led by VW

TEL AVIV • Israel-based ride-hailing app Gett has raised US$80 million (S$107 million) in a funding round that values the company at US$1.4 billion, it said.

All of its major shareholders including Volkswagen and Access Industries participated, it said in a statement on Thursday. It has raised over US$700 million in funding, including US$300 million from Volkswagen in 2016.

Gett founder and chief executive Dave Waiser said the firm is expected to become profitable across all the countries where it operates, excluding research and development costs, by the first quarter of next year.

Volkswagen, Europe's largest carmaker by sales, confirmed it had participated in the latest funding round, but did not give details. Through its board membership, it "will continue to support Gett and its other shareholders in helping Gett to drive its business plan and further develop its future strategy", the Germany-based carmaker said.

New York City, where Gett operates under the Juno brand, is its fastest-growing market, with 45,000 drivers having joined Juno, Mr Waiser said. Gett bought United States rival Juno for US$200 million last year.

Earlier, Calcalist, a leading financial daily in Israel, had said Gett was in the process of raising US$350 million. Asked about the Calcalist report on the sidelines of a TechCrunch conference, Mr Waiser declined to comment.

The Gett app lets customers book on-demand rides or pre-book rides for later.

REUTERS

A version of this article appeared in the print edition of The Straits Times on June 09, 2018, with the headline 'Ride-hailing app Gett raises $107m in funding led by VW'. Print Edition | Subscribe