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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.

Go deeper

Biden names Erika Moritsugu as senior AAPI liaison

Erika Moritsugu. Photo courtesy: National Partnership for Women & Families

President Biden has named Erika Moritsugu as deputy assistant to the president and Asian American and Pacific Islander senior liaison, the White House announced Wednesday.

Driving the news: The decision follows weeks of pressure from AAPI leaders to include more Asian American representation at the Cabinet level and in senior administration roles.

Matt Gaetz targets CNN in new ad amid sexual misconduct claims

Rep. Matt Gaetz in Doral, Florida, last week. Photo: Joe Raedle/Getty Images

Rep. Matt Gaetz (R-Fla.) announced Wednesday a six-figure ad buy for a spot that takes aim at CNN as part of an offensive to hit back at mounting sexual misconduct allegations, Politico first reported.

Driving the news: Gaetz is under federal investigation following sex trafficking allegations, and the House Ethics Committee has also opened an inquiry. Announcing the 30-second ad, to run in his Florida Panhandle district, Gaetz called on his Twitter followers to "help us fight back!"