Published On: Tue, May 24th, 2016

VW invests $300 Million in Israeli Uber rival Gett

The latest financing brings to $520 million, the amount raised by the Tel Aviv based ride booking on-demand company.

Shahar (Waiser ) Smirin ,   GETT,   GetTexi C0-Founder and CEO

 

Israeli cab-hailing startup Gett (formerly Get Taxi) with operations across about 60 cities,  announced today that it has raised $300 million investment from German car giant Volkswagen. VW plans to move into ride-sharing, on-demand transportation and autonomous cars.

 

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Israeli taxi hailing app Gett  has acquired British black cab company Radio Taxis. Although the financial details of the acquisition were not disclosed Gett Western Europe managing director Remo Gerber mentioned More…

 

We still don’t have a valuation for Gett in the wake of the deal but we are trying to find out. , , a publication out of Israel — Gett has operations and an R&D center in the country — reported that Gett was looking for debt funding at a $2 billion valuation, having previously been valued at $575 million.  We have confirmed with Gett’s co-founder and CEO Shahar Waiser that VW is the sole investor in this round. other investors include Access Industries andKreos Capital — and it says it is profitable in several cities, with annual revenues of $500 million.

Founded in 2010 by CEO Shahar (Waiser ) Smirin, Gett raised to date $520 million. Israeli website Haaretz in November reported that Gett was looking for debt funding at a $2 billion valuation.

Gett CEO Shahar Waiser said, “The investment from Volkswagen will speed up our geographic expansion to the rest of Europe and the US beyond New York where we already operate. VW is an excellent strategic partner. The ride booking on demand sector has grown in huge strides and Gett allows VW to expand beyond car ownership to the world of mobility on demand. Moreover, the two companies are succeeding with both private and business customers. VW can now leverage success in this field and offer mobility on demand to business customers.

Volkswagen chairman Matthias Muller said, “Alongside our pioneering role in the automotive business, we aim to become one of the world’s leading mobility providers by 2025. Within the framework of our future Strategy 2025, the partnership with Gett marks the first milestone for the Volkswagen Group on the road to providing integrated mobility solutions that spotlight our customers and their mobility needs.”

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