Getaround plans public listing via SPAC

Carsharing marketplace Getaround plans to go public on the New York Stock Exchange via a special purpose acquisition company.

The company has agreed to merge with InterPrivate II Acquisition Corp with a value of $1.2 billion for the combined entity.

The business combination is expected to bring gross proceeds of between $225 million and $434 million.

"Getaround is about empowering people everywhere to share cars and making the sharing experience increasingly simpler and more reliable through the use of digital and connected technology. Ultimately, our goal is to ensure Getaround is as convenient as personal car ownership. We are accelerating a much-needed transition from a legacy, analog car rental experience to a fully digital and ‘keyless’ carsharing experience," says Sam Zaid, CEO of Getaround.

"The transaction with InterPrivate is pivotal to our long-term growth strategy. Proceeds will be used for continued product innovation, to densify the supply of digitally connected cars in our existing markets, and to increase both the mix and proximity of our cars and trucks for consumers. We will also look to bring our proven model to new markets, both domestic and abroad."

The transaction is expected to close in the second half of 2022.

Getaround reported gross booking value of $167 million in 2021 and $81 million of net marketplace revenue.

The company, which says it is available in 950 cities across eight countries, raised funding of $300 million in mid- 2018 followed by $140 million in 2020.

It acquired rival carshare service Drivy for $300 million in 2019.