The Israeli taxi-booking startup Gett has raised $80 million new funding from existing investors Volkswagen, billionaire Len Blavatnik‘s Access Industries, private equity groups Baring Vostok and MCI.
Gett total amount raised so far is more than $700 million, at a valuation of $1.4 billion. This is the first time the group has officially disclosed its value.
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Gett which operates in 120 cities globally, projects that it will be profitable in all of its markets, by the first quarter of 2019. Half of the company’s volume coming from New York and London alone, on a revenue basis. Moscow is also Gett’s big market.
The company believes that it can reduce marketing spending due to a high awareness of its product.
Two years ago, Gett received $300 million from Volkswagen one of many partnerships sweeping the global automotive and technology industries.
Other investments include Toyota investing in Uber and General Motors investing into Lyft.