Ride hailing firm Gett raises $80 million from VW, others

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TEL AVIV (Reuters) – Israel-based experience sharing app Gett mentioned on Thursday it had raised an extra $80 million in a funding spherical that valued the corporate at $1.four billion.

All of its main shareholders together with Volkswagen (VOWG_p.DE) and Entry Industries participated, Gett mentioned in an announcement.

Gett has raised greater than $700 million in funding, together with $300 million from VW in 2016.

Gett founder and CEO Dave Waiser mentioned the corporate was anticipated to change into worthwhile throughout all of the international locations the place it operates, excluding analysis and improvement prices, by the primary quarter of 2019.

New York Metropolis, the place Gett operates underneath the Juno model, is the corporate’s quickest rising market, with 45,000 drivers having joined Juno, Waiser mentioned. Gett purchased U.S. rival Juno for $200 million final 12 months.

Earlier on Thursday, Calcalist, a number one monetary day by day in Israel, reported that Gett was within the strategy of elevating $350 million. Requested in regards to the Calcalist report on the sidelines of a TechCrunch convention, Waiser declined to remark.

VW was not instantly obtainable to remark.

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

Reporting by Tova Cohen, Ari Rabinovitch and Steven Scheer. Modifying by Jane Merriman

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