Ride-hailing app Gett announced Tuesday that it’s raised another USD 100 million from investors, bringing total funding in the company up to more than USD 750 million.
Gett, which provides private car rides on-demand, said it raised its $100 million round at a $1.5 billion valuation, the same valuation as a round of fundraising in May 2019.
The company, founded in Israel in 2010, said in a press release that it will use the funding to improve its “ground travel platform for corporates.”
Like Uber and Bolt, Gett allows people to hail a ride on-demand to get them from A to B. Its all-in-one booking platform is available to businesses in Europe and North America. Perhaps unsurprisingly, the company is increasingly keen to sign up large firms with thousands of employees as customers.
However, it’s not the only one. India’s Ola announced a similar “Ola for Business” offering on Tuesday while Uber launched Uber for Business in 2014. There are many other firms trying to compete in this space including Addison Lee and Wheely.
Despite the competition, Gett said that a third of the Fortune 500 have become clients since it launched its corporate travel service in 2010. Customers include the likes of Google and Disney.
Gett pointed to the fact that it became operationally profitable in December 2019. It also highlighted how it is on a trajectory to become cash flow positive during 2021 ahead of a potential stock market listing.
Dave Waiser, Gett CEO, said in a statement: “The proceeds will help us grow our unique corporate SaaS (software as a service) platform internationally, while we consider an IPO in the future, to further accelerate our expansion.”
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