Getaround, the world’s first connected carsharing marketplace, yesterday announced a new debt facility with Mudrick Capital Management for up to $20 million in additional capital to provide funding for its 2024 operating plan, with Getaround having drawn the first $5 million.
The financing follows strong Q3 2023 financial results that Getaround announced in their December earnings call: strong revenue growth (+42% year-over-year) and improvement in trip contribution margin (increased to 52%; up 640 basis points year-over-year). Additionally, Getaround just launched (January 17th) a new unified global app and website that enhances the booking experience for drivers and owners between the U.S. and Europe.
“This financing round marks another step in our mission to shape the future of mobility. Getaround is grateful for Mudrick’s continued support and confidence in our innovative approach, patented technology, and our focus on delivering profitable, sustainable growth,” said Sam Zaid, founder and CEO of Getaround.
Mudrick’s funding of Getaround demonstrates continued confidence in the company’s growth potential and disruptive approach to the mobility industry. Concurrent with the financing, Jason Mudrick, founder of Mudrick Capital Management, has joined Getaround’s Board of Directors. Mudrick’s extensive capital markets experience will bring valuable insights and expertise to Getaround as it continues on its path to profitability.
Jason Mudrick commented, “The commitment to invest and participate on the board stems from my belief in Getaround’s unique value proposition in the carsharing space and its potential as consumer mobility patterns continue to change. The team at Getaround has demonstrated remarkable resilience and innovation, and I look forward to contributing to the company’s future successes. Our financing and continued sponsorship is a testament to our confidence in Getaround’s vision to revolutionize carsharing and its impact on urban mobility.”
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