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Getaround raises a $140 million Series E amid rebound in short-distance travel

Amid a rebound in short-distance travel, Getaround, a Silicon Valley car rental startup, has raised some new money to meet demand. The startup, which allows customers to instantly rent cars near them in over 100 cities, announced today that it has raised $140 million in a Series E deal, bringing its total known venture funding to $600 million.
The Series E deal was led by PeopleFund with new investors including Reid Hoffman’s and Mark Pincus’ Reinvent Capital, AmRest founder Henry McGovern, Pennant Investors, VectoIQ partners Steve Girsky, Mary Chan, and Julia Steyn also deploying capital. Participating prior investors include SoftBank Vision Fund, Menlo Ventures, and more.
The money comes after the car-sharing service faced its own set of hurdles before and during the coronavirus pandemic. In January, the startup reportedly laid off 150 employees, reducing field operations and the size of numerous global teams. In March, bookings dropped 75%, according to CEO Sam Zaid. Getaround laid off 100 employees. Zaid pointed to struggles within SoftBank, which did a $300 million Series D round in the company in mid-2018, as part of the reason.
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