Images via Getaround

Peer-to-Peer Car Sharing Dynamo Getaround Raises $300 Million

The latest name to hit the car sharing headlines is Getaround, and they've raised a lot recently.

Car sharing startup Getaround has raised 300 million in its latest Series D investment round led by Asian banking conglomerate SoftBank.

The newly acquired funds will be used to expand its offerings and partnerships, hitting new markets outside of the U.S.

"SoftBank is the premier global investor in mobility, and has tremendous experience working with transportation brands like ours," said Getaround CEO Sam Zaid. "We are confident in our product, playbook, and team—alongside the strong support from both SoftBank and previous investors, we look forward to leading the growth of next-generation car-sharing."

Getaround is a peer-to-peer car-sharing service that allows users to rent their cars to other people when it is not in use for cash. Each vehicle is equipped with the Getaround Connect device, which allows unlocking without keys, as opposed to similar services like Turo that rely on hand delivering them. Rentals start at $5 per hour.

Founded in 2009, the company quickly expanded from San Francisco, Calif. to other cities, with 2017 venture rounds raising $45 million from various firms, including Toyota. In turn, SoftBank has already invested in several car-sharing firms, including Asian companies Grab, Ola, Didi Chuxing, and Uber.