There’s another ridesharing company trying to grab more market share.
The company, Gett, is making headway in New York but has a majority of its business in Europe. However, it just got some major support from German carmaker Volkswagen — to the tune of $300 million.
Volkswagen’s investment comes at a time when the company is attempting to grow its own ridesharing mark and get deeper into the on-demand market. On the U.S. side, there isn’t much publicly available about Gett’s financials, but one report shows the company was eyeing a funding round that would give it a $2 billion valuation.
At least, for the most recent $300 million round, Volkswagen is the sole investor, which brings Gett’s total funding to $520 million. Its executive team told TechCrunch that the company is profitable and has annual revenues around $500 million.
As for VW’s investment, this also comes at a time when the car dealer may be looking to change its focus, particularly after its emissions cheating scandal. But for now, VW is looking into how it can invest in the future of the auto industry.
“Alongside our pioneering role in the automotive business, we aim to become one of the world’s leading mobility providers by 2025,” said Matthias Müller, chairman of the board of management of Volkswagen Aktiengesellschaft, in a statement. “Within the framework of our future Strategy 2025, the partnership with Gett marks the first milestone for the Volkswagen Group on the road to providing integrated mobility solutions that spotlight our customers and their mobility needs.”
As for Gett’s market share, CEO Shahar Waiser explained to TechCrunch why the VW partnership is a good one for the company: “The first is that we share the same footprint. The world’s largest car producer [is] the strongest in Europe, with a 25 percent market share across their brands. And Gett is strong in Europe, too, available in 60 cities, and this footprint is a good match to start.”