Uber's competitor and on-demand taxi app Gett gets $ 100 million in funding

Uber's competitor and on-demand taxi app Gett gets $ 100 million in funding - GETTDespite the slowdown caused by the new Coronavirus pandemic, Gett has managed to obtain $ 100 million in financing and plans to use it to expand its services for businesses that have seen a sharp increase in the last period.

Investors confirm their trust in the company

On Tuesday July 21, the on-demand taxi app Gett announced that it had raised $ 100 million in funding from investors. This happens at a time when companies in this sector are facing a slowdown due to the ongoing Coronavirus pandemic.

Israel-based company Gett said it will use this funding to improve its "ground travel business platform". Gett is focusing primarily on business travel in Europe and North America.

The company currently aims to work with large companies with thousands of employees. Since the launch of its business travel service in 2010, Gett has added a third of Fortune 500 companies as its customers. Other companies like Uber Technologies Inc (listed as Nasdaq shares: UBER) and Ola from India also announced their services in the business travel sector.

Perspectives

Gett's CEO and founder, Dave Waiser, told the media that he saw good growth in his B2B business even during the Coronavirus pandemic. Referring to the latest fundraiser, Waiser said: "The way people move around the city is radically changing because of COVID-19 and companies are trying to optimize costs and develop ground travel solutions. efficient and safe for its employees.

Our mobility software is helping companies grow by giving people the best in mobility. Being fully funded and reaching a key milestone in our profitability path is an important step for the company. The revenues will help us grow our unique international SaaS platform, while in the future we will consider an IPO to further accelerate our expansion. "

Gett plans to turn cash flow into positive in 2021

In December 2019, the company announced that it will produce operating earnings. Based on this data, Gett was planning to jump into the public for this year. However, it appears that these plans have been postponed to 2021.

Gett added that he was in line with his pre-COVID-19 financial goals. Gett also plans to make net cash flow positive before his "potential" IPO in 2021.

Amos Genish, president of Gett, underlined: “The completion of the fundraising during the pandemic is a clear expression of confidence on the part of our shareholders and new investors in Gett's vision to focus on the corporate market and its expansion plan overall, as well as on the company's solid operating and financial performance ". Gett has not yet revealed the names of the investors from the last round of financing.