Ride-hailing app Gett have today raised £58.9m in a fundraiser involving long term investor Volkswagen which now takes their valuation to over £1 billion.
Gett, who have half of London’s black cabs on its platform and operate in 120 global cities, is now on course to beat both Uber and Lyft to profitability by the end of the first quarter in 2019. However, profitability predictions do not include money spent on research and development.
So far the app has raised over £520 million, of which £220 million came from car manufacturers Volkswagen in 2016.
Earlier today it was suggested that Gett had faced problems bringing in larger investment due to its perceived high valuation. These claims were however dismissed by Gett CEO David Waiser.