Gett racks in $100m accelerate its on-demand ride business

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This luxury B2B ride-sharing company, has raised $100 million to provide private cars on demand. The London and Israel-based company, purports it is all primary equity capital, and  it plans to use it to continue investing in its B2B business, which has been growing  not shrinking or staying flat  in the midst of the global health pandemic.

“The way people move around in cities is changing dramatically as a result of COVID-19 and businesses are seeking to optimise costs and to put in place efficient and safe ground travel solutions for their employees,” said Waiser, in a statement. “Our mobility software is helping businesses thrive by empowering people to be their best on the go. 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.”

The company turned operationally profitable in December 2019 and had said it planned to go public in 2020, but it sounds like that timeline, if it happens, has now been pushed back to 2021.

Gett says it has met its “original financial targets that were set pre-COVID-19.” It also reached profitability in each of its core markets in June, and is on target now to be cashflow positive in 2021, ahead of a “potential” IPO.

With the full glare of highly competitive rides such as uber, lyft , Gett establishes the business market has had seen a turn to ensuring that the travel that its users are taking is well-controlled specifically to meet specific safety standards.

Waiser said the reason for that is that the round is still open and oversubscribed, so it plans to announce a list of investors after it closes.

Gett has now raised $750 million with investors including VW, Access and its founder Len BlavatnikKreos, MCI and more, and its last valuation was $1.5 billion, pegged to a $200 million fundraise in May 2019.

“The completion of the fundraising during the pandemic is a clear expression of confidence by our shareholders and new investors in Gett’s vision to focus on the corporate market and its plan to expand globally, as well as in the Company’s strong operational and financial performance,” said Amos Genish, Gett chairman, in a statement.

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