Taxi hailing startup Gett (formerly GetTaxi) announced today that it has received a seven-year loan from Russian Sberbank. The bank will hold options linked to the Israeli company’s stock.
This injection of cash brings the company’s total capital raised to a whopping $640 million, including a $300 million investment from German car maker Volkswagen earlier this year. Gett operates in more than 100 cities worldwide including Tel Aviv, New York, Moscow and London.
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The financing will be used for Gett’s business expansion including mergers and acquisitions.
This venture loan, the first of its kind provided by Sberbank, is based on the existing business connections between Gett and the bank.
Founded in 2010 by CEO Shahar Waiser, Gett’s technology enables consumers and businesses to instantly book on-demand transportation and delivery services.
Shahar Waiser said, “Gett, which signed a strategic cooperation agreement earlier this year with Volkswagen, the world’s leading car manufacturer, now continues with a strategic financial cooperation with Russia’s leading bank. With the assistance of these collaborations, Gett can strengthen its position as the leading player in its field in Europe.”
Sberbank’s head of merchant banking Oskar Ratsin said, “This is the start of a new and exciting era for Sberbank CIB in which we will work in close cooperation with entrepreneurs such as Shahar Waiser in financing the most dynamic companies and become their partners in a relatively early stage of their development.”
Sberbank SVP and acting head Igor Bulantsev said the opportunity to finance a “significant digital business” was especially important for the bank’s strategy.