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.
Society went, 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, said in a small statement that it has made 115 million A round of dollars has closed. 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 past investors including VW, Access and its founder Len Blavnik., Creos, MCI and more. Gett’s last confirmed valuation was $ 1.5 billion, To raise $ 200 million in May 2019. It is not talking about the current valuation, or any of today’s customer numbers.
Dave Wasser, Gett’s founder and CEO, described the $ 100 million equity investment he had announced, in a note given to me earlier, as an extension of the company’s previous round last July.
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 is not directly operated (such as 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.”