Japan’s SoftBank invests in San Francisco-based Getaround, which now aims to expand internationally.
SoftBank Group, a Japanese holding company and telecoms and internet giant, is heading an investment of $300 million in Getaround, a San Francisco-based car-sharing service.
The deal values Getaround at more than $800 million, including the money it’s raised, according to an unnamed inside source, Bloomberg reports.
The Tokyo-based group has already plunged funds into next-generation car firms, such as ride-sharing startups in India, Singapore and China as well as Uber Technologies.
SoftBank also announced at the end of May a $2.25 billion investment in General Motors’ self-driving unit Cruise.
Sam Zaid, Getaround’s founder and chief executive, says the funding will help the company, which is currently on the ground in 66 cities in the US, expand more rapidly, internationally too.
“That was one of the reasons we were excited to work with SoftBank,” he said, another advantage being SoftBank urging the companies in its portfolio to work together. Getaround already works with Uber.
Getaround’s competitors include Turo in the US, Hiyacar in the UK, SnappCar in the Netherlands and Drivy in France.