Apr 20, 2017 - Technology

Toyota backs car-sharing startup Getaround

Courtesy of Getaround

Getaround, an eight-year-old startup that lets people rent out their car to others (basically a P2P Zipcar), has raised $45 million in Series C funding, with Toyota and the venture capital investment arm of Shanghai Automotive participating. San Francisco-based Getaround reports nearly half a million users and operates in 13 cities across the U.S.

Toyota's ambitions: Like its peers, the Japanese automaker is quietly partnering with startups challenging the traditional car ownership model. Last May, Toyota inked a partnership and invested an undisclosed sum in ride-hailing giant Uber (which also has its own partnership with Getaround).

The deal: Braemar Energy Ventures led this latest funding round, with existing investors Menlo Ventures and Triangle Peak Partners, among others, also participating.

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