Gett Woos Volkswagen To The Tune Of $300M
For one Uber rival, the getting was most definitely good, recently.
Bloomberg Technology’s Kim McLaughlin reports on-demand ride service Gett just received a $300 million infusion from the likes of Volkswagen, which will better position the company to explore other cities to offer service.
The report states that this sum adds to an already stunning $520 million in investments for Gett, which operates in the United Kingdom (London), Russia, Israel and New York City.
For some perspective, this is hardly the first automaker to drop some serious coin on ride-hailing apps and the companies that produce the innovations.
We previously noted the other elephant in the room, Lyft, had joined forces with General Motors. The latter had invested $500 million into the popular company.
More recently, the tandem unveiled its Express Drive initiative, which essentially makes GM cars available to Lyft drivers.
Meanwhile, Apple was not only getting in on ride sharing, but securing its hold in the Chinese market with a $1 billion brushstroke on Didi Chuxing.
Bloomberg Technology quotes Nahshon Davidai, Gett’s chief marketing officer, who offers some thoughts on what this splash of cash does for the enterprises involved.
Davidai was particularly pleased with the investment and explained that it also offered “access to geographies and markets in which we have a strong overlap.”
The sharing economy continues to attract companies from all corners that find value in investment opportunities like Lyft and Gett.
When it comes to automobile makers looking to solidify a foothold in the industry ten years out, it makes perfect sense.
Uber and those in its shadow had illustrated how immense the sharing market is at the moment and hints at where it will grow to in the near future.
This is just the initial throes of a general scramble to get in on services that continue to take over the world.
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