Ride-hailing companies such as Uber and Lyft continue to find their feet in a new landscape for transportation services – where frequent travel is being actively discouraged in many markets, and people are restricted, shared spaces I am worried about catching Coronavirus – a small player that has carved out a niche for itself, announcing more funding by targeting business users.
Gett, which began as a more direct competitor to the likes of Uber and Lyft, but now primarily focuses on ground transportation services for business customers in major cities around the world, in a small statement Said it closed a round of $ 115 million. The company – co-headquartered in London and Israel – also said it is now “operationally profitable” and meeting its budget targets.
The fund is led by new Baylor Pelham Capital Investments Ltd and includes the participation of unnamed existing investors.
Incorporating this round, GATE has now raised $ 965 million, including VW, Access and its founders Len Blavatnik, Creos, MCI and many more investors. Gates last confirmation valuation was $ 1.5 billion in May 2019, pegged at a $ 200 million fund. It is not referring to today’s valuations or any recent customer numbers.
Dave Wasser, Gett’s founder and chief executive officer, described the funding described in a note to me as an extension of the company’s previous round, a $ 100 million equity investment announced in July last year.
Chairman Amos Gennisch said in a statement that the funding round was overseen, “reflecting the market’s interest in our platform and long-term vision. Gett is disintegrating and transforming a fragmented market providing ever-important cost optimization and customer satisfaction. “
The company has been focusing on the B2B market for the past several years – a smart way to avoid expensive and painful races to compete against such as the world’s Uber – and this most recent round (which now totals Is $ 215 million) focused on doubling that.
The Gett of the Past – it was originally founded in 2010 under the name GetTaxi – actually tried to build a business around both consumers and high-end users, but the idea behind Getty today is to focus on corporate accounts is.
Gett provides a predictable and reliable app-based platform to employees of businesses where they make it easy to order car services while traveling, and businesses – which in the past used a fragmented mix of local services – were then Consolidated way of managing, accounting and analyzing those travel expenses. It claims to be able to save some 25–40% of companies in costs.
The company previously stated that its network includes about 1,500 cities. In some metropolitan areas such as London and Moscow, Gett provides direct transport services. In markets where it does not have direct operations (eg anywhere in the US, including New York), it partners with third parties, such as Lyft.
“We are on a journey to transform the corporate ground journey and I am delighted that investors are finding our model attractive,” Vassar said in a statement today. “This investment will allow us to further develop our SaaS technology and deepen our offer within the corporate ground travel market.”