Today we’re proud to announce the completion of a $100m funding round, with several new and existing investors. We’ll be using the proceeds of this fundraise to continue improving Gett’s SaaS global ground travel platform for corporates.
We are on a mission to bring the world’s best mobility providers together in one platform, optimising the entire experience, from booking and riding to invoicing and analytics — saving time and money for businesses worldwide.
A third of Fortune 500 companies are already our loyal clients, and we’ve seen an increase in corporate sign-up since the COVID-19 pandemic challenged the world. Corporate clients are upgrading their ground transportation solutions, using Gett’s technology to cut costs while meeting the increasing safety requirements and mobility needs of their remote workforces at the same time. It’s become even more important that businesses take extra precautions to enhance the safety of their employees while commuting with corporate taxis — often seen as safer and more efficient alternatives than public transport.
We’re optimistic, as our B2B service has stayed stable during lockdown, and continued meeting our original financial targets that were set pre COVID-19. 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. As of today, Gett is fully funded, and we’re on a steady climb to become cashflow positive during 2021, ahead of a potential IPO.
Dave Waiser, Gett CEO, commented: “The way people move around in cities is changing dramatically as a result of COVID-19 and businesses are seeking to optimise costs and to put in place efficient and safe ground travel solutions for their employees. Our mobility software is helping businesses thrive by empowering people to be their best on the go.”
“Being fully funded and reaching a key milestone in our profitability journey, is an important step for the Company. 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.”
Amos Genish, Gett Chairman, added: “The completion of the fundraising during the pandemic is a clear expression of confidence by our shareholders and new investors in Gett’s vision to focus on the corporate market and its plan to expand globally, as well as in the Company’s strong operational and financial performance.”
We are in the business of making traveling for work as stress-free as possible, wherever you’re going. Gett gives our corporate clients the unique ability to book and manage all their ground travel providers in one single booking platform. This platform hosts a collection of high-quality local and global vendors, for on-demand taxi, chauffeur and limousine and ride-hailing services. As international travelers and we’re managers, we’re used to switching from app to app, making bookings through the phone, or handling unnecessary headaches from bouncing between far too many websites. Instead, Gett’s offering one platform that provides a seamless end-to-end experience while using multiple providers, from booking and riding to invoicing and reporting, — available anywhere in the world. We’ll also be providing the best infrastructure and support to our partners and partner fleets — making business ground travel better for everyone.
So far, we’ve raised more than US$750m in venture funding.