Getaround, the car sharing marketplace, seeks to raise an estimated $201.5 million in Series D extension funding, Pitchbook is reporting. This would bring its valuation to $1.702 billion, up from the $840 million valuation it reached last year.
Allison Van Houten, Getaround vice president of marketing, declined to confirm the round. “As a matter of policy, we do not provide comment on funding speculation until we have news to announce,” Van Houten told FreightWaves in an email.
The latest raise points to the success of Getaround’s peer-to-peer business model, in which users rent out their own vehicles.
It may also point to a developing trend in the mobility services market. According to Asad Hussain, Pitchbook’s emerging tech analyst, the sector is moving away from ridesharing and toward connecting people directly with vehicles such as cars, e-bikes and e-scooters.
“This is especially pertinent given recently proposed legislation disrupting the traditional ridesharing business model by eroding these gig economy companies’ abilities to classify workers as independent contractors,” Hussain said in an e-mailed statement.
Getaround is certainly on a tear. Almost exactly a year ago the company raised $300 million Series D round from SoftBank. And in April, Getaround announced its acquisition of Drivy, a Paris-headquartered car-sharing startup that operates in 170 European cities.
Earlier this summer, the car sharing startup Turo raised $250 million in a Series E round from IAC, the internet media company that owned and spun out Match.com and OkCupid.
Meanwhile, ride-hailing giants Uber and Lyft continue to crater. Last quarter, Uber lost a whopping $5 billion. Lyft is also continuing to hemorrhage cash.
The micromobility trajectory looks slightly more stable, as Bird, Lime and others continue to raise capital.
That said, some of the e-bike and scooter companies have also been called to task for questionable financial performance. Increasing scrutiny from regulators is another challenge, as cities around the country raise concerns about abandoned scooters and fatal crashes.
So while car sharing and micromobility appear to be riding high, investors will be watching as regulation and consumer demand continue to reshape the fast-changing mobility market.