Digital car rental platform Getaround to go public

Getaround, a global digital car sharing marketplace, has entered into an agreement to go public via special purpose acquisition (SPAC) company InterPrivate II Acquisition.

Upon closing of the $1.2bn transaction, the combined company is expected to be listed on the New York Stock Exchange under the new ticker symbol “GETR.” The combined company will be led by Getaround Founder and CEO, Sam Zaid.

Getaround’s mission is to “fundamentally change the paradigm of car ownership.” The company’s technology platform aims to address the underutilisation of vehicles throughout the world. According to Getaround, 95% of a vehicle’s life is idle, resting in a parking space, rather than producing income for its owner and mobility solutions for the consumer. Through its proprietary technology, Getaround provides a digital and contactless carsharing experience. Getaround Connect enables consumers to reserve instantly and retrieve within minutes a nearby vehicle, without the need to fill out paperwork, wait in line or physically exchange keys.

All journey’s taken with Getaround are insured by Allianz.

Zaid said, “Getaround is about empowering people everywhere to share cars and making the sharing experience increasingly simpler and more reliable through the use of digital and connected technology. Ultimately, our goal is to ensure Getaround is as convenient as personal car ownership…

“The transaction with InterPrivate is pivotal to our long-term growth strategy. Proceeds will be used for continued product innovation, to densify the supply of digitally connected cars in our existing markets, and to increase both the mix and proximity of our cars and trucks for consumers. We will also look to bring our proven model to new markets, both domestic and abroad. Getaround is thrilled to partner with a reputable and trusted partner such as InterPrivate to usher in this exciting new chapter in our company’s rich history as a publicly traded company.”

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