On-demand ride-hailing startup Gett announced Tuesday that it completed a $100 million funding round to improve its offering for corporate travelers, where it said there is still opportunity despite the current travel environment.
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In a blog post, the company said several new and existing investors participated in the round, but did not disclose their names. Crunchbase data shows the Israel-based company most recently raised a two-part Series E in 2018 and 2019 totaling $200 million, with Volkswagen Group being one of the investors. Gett said, in total, it has raised $750M in venture-backed funding since the company’s inception 10 years ago.
Its SaaS global ground travel platform manages the entire ride-booking experience for businesses from booking and riding to invoicing and analytics.
In January, Gett reported it had become operationally profitable in December 2019, and that more than 17,000 companies—a third of them on the Fortune 500—are clients. In Tuesday’s blog, the company said there has been an uptick in corporate sign-ups since the COVID-19 pandemic began earlier this year, as employers seek out safer processes for employees who continue to travel.
In addition to the investment, Gett said it is both fully funded and on its way to being cash-flow positive in 2021, when it expects a potential initial public offering.
“Being fully funded and reaching a key milestone in our profitability journey, is an important step for the company,” Gett CEO Dave Waiser said in the blog. “The proceeds will help us grow our unique corporate SaaS platform internationally, while we consider an IPO in the future, to further accelerate our expansion.”
Illustration: Li-Anne Dias