Taxi firm Gett announce completion of $100m funding round ahead of potential IPO

Image credit: Gett

Ride-hailing app Gett today announced the completion of a $100m funding round, with several new and existing investors.

The proceeds of this latest fundraiser will be invested in improving Gett’s SaaS global ground travel platform for corporates.

Founded in 2010, Gett has focused heavily on its corporate segment. A third of all Fortune 500 companies are already Gett clients and approximately 17,000 other corporations have joined the service.

In December 2019, Gett announced that the firm had become operationally profitable, with Gett reporting a positive consolidated global EBITDA (before fixed central and R&D costs).

Gett is now fully funded, and claim to be on a steady climb to becoming cashflow positive during 2021, ahead of a potential IPO.

Dave Waiser, Gett CEO, said: “The way people move around in cities is changing dramatically as a result of COVID-19 and businesses are seeking to optimise costs and to put in place efficient and safe ground travel solutions for their employees. Our mobility software is helping businesses thrive by empowering people to be their best on the go.

“Being fully funded and reaching a key milestone in our profitability journey, is an important step for the Company. The proceeds will help us grow our unique corporate SaaS platform internationally, while we consider an IPO in the future, to further accelerate our expansion.”

Amos Genish, Gett Chairman, said: “The completion of the fundraising during the pandemic is a clear expression of confidence by our shareholders and new investors in Gett’s vision to focus on the corporate market and its plan to expand globally, as well as in the Company’s strong operational and financial performance.”