Venture Capital: B2B Corporate Taxis Provider Gett Raises $100 Million

July 22, 2020 | News, Venture Capital
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Gett is a global leader in corporate on-demand transportation.

Corporate transportation service Gett is a cloud-based, SaaS solution that aggregates its customers’ ground travel needs by hooking various vendors on a single booking platform. Over 17,000 companies use its service across Europe and North America. A third of Fortune 500 companies are its clients. Gett announced Tuesday that it raised $100 million from several new and existing investors. (Gett.com)

The Israel-based Gett did not reveal the names of the investors. However, it confirmed that it has raised $750 million in VC funding to date. In a January release, it said it had received over $300 million from Volkswagen (ETR: VOW3).

Gett’s business model

The company launched the first-ever on-demand corporate travel service in 2010.

Its B2B Generation 10 offers corporate clients the facility to aggregate all their ground travel needs on one single booking platform. It hosts a collection of local and global vendors, for on-demand ride-hailing, taxi, chauffeur and limousine services across 100 countries.

It operates across the three product lines of Transportation, Delivery, and Shuttle.

The company said in January that its client portfolio has grown at a CAGR of 70% and that it wins 400-500 new clients every month.

Positive metrics

“In December 2019, we announced that we became operationally profitable, with Gett reporting a positive consolidated global EBITDA (before fixed central and R&D costs) — we also reached profitability in each of our core markets in June,” the company said in its blog.

The company confirmed that it is now fully funded, and well on its way to become cash flow positive by 2021.

It intends to float an IPO in 2021.

Related Story:   Ride Sharing Startup Via Raises $400M @ Valuation of $2.25B

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