Getaround is Airbnb for cars — a peer-to-peer car sharing platform that lets car owners rent their vehicles by the hour. The concept is brilliant: the average car sits idle 96% of the time, so why not let someone else use it and earn money? Getaround went public via SPAC in 2022, immediately lost 90% of its value, and has been fighting for survival since. The car sharing market exists. The question is whether Getaround can capture enough of it to survive.
Founded
2009
HQ
San Francisco, USA
Total Raised
$600 million
Founder
Sam Zaid, Elliot Kroo, Jessica Scorpio
Status
Public (NYSE: GETR)
Website
www.getaround.comTHE ORIGIN STORY
Sam Zaid, Elliot Kroo, and Jessica Scorpio founded Getaround in 2009 in San Francisco with a vision of car sharing replacing car ownership. The key innovation was Getaround Connect — a hardware device installed in the car that allows renters to unlock and start the car with their phone, eliminating the need for key handoffs.
This made spontaneous, short-term rentals feasible. The company grew in US cities and merged with European car-sharing platform Drivy in 2019.
WHAT THEY ACTUALLY DO
Marketplace commission model. Getaround takes a 40% commission on each rental.
Car owners set their own prices. Revenue scales with rental volume.
The company also earns from insurance products offered to renters and owners.
THE PRODUCTS
Getaround App (book cars by the hour or day). Getaround Connect (keyless access hardware).
Insurance Coverage (included in every rental). Owner Dashboard (manage listings, pricing, earnings).
Available in 1,000+ cities across US and Europe.
HOW THEY GREW
Geographic density in urban areas. Getaround works best when there are enough cars available within walking distance.
The company focused on major cities and partnered with parking garages and residential buildings to ensure car availability. The Drivy merger gave Getaround a strong European presence.
THE HARD PART
Unit economics. The 40% commission rate is high, but customer acquisition costs and the hardware (Getaround Connect) installation are expensive.
The company went public via SPAC and immediately struggled with profitability. Competition from Turo (which is larger and better-funded in the US) and from traditional rental car companies adding digital booking.
MONEY TRAIL
Series B
2014 · Led by Menlo Ventures
$24M raised
Series C
2016 · Led by Braemar Energy
$35M raised
Series D
2018 · Led by SoftBank
$300M raised
$1.7B valuation
SPAC IPO
2022 · Led by InterPrivate II
$250M raised
$1.2B valuation
WHO BACKED THEM
Went public via SPAC merger with InterPrivate II VSM Tec in 2022. Previously backed by SoftBank, Menlo Ventures, and Braemar Energy Ventures.
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