Illustration: Eniola Odetunde/Axios
Peer-to-peer car rental company Getaround said Wednesday that it raised $140 million in new funding.
Why it matters: This comes near the end of a roller-coaster year for Getaround, which saw bookings drop by 75% at the start of the pandemic, but since has seen revenue double from pre-pandemic levels.
- PeopleFund led the round, and was joined by Reinvent Capital, Henry McGovern, Pennant Capital and VectoIQ partners.
The big picture: The car rental market was significantly hit by the pandemic, with Hertz filing for bankruptcy in May, while others like Avis have implemented layoffs.
- "As restrictions came into place around the world, we saw a progressively increasing initial impact — but we didn't go to zero," co-founder and CEO Sam Zaid tells Axios, adding that urban dwellers have sought out personal transportation options for essential needs and local travel.
- San Francisco-based GetAround also did layoffs and reportedly sought a buyer before its business stabilized.