The Getaround car-sharing platform goes public

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Digital car-sharing marketplace Getaround is going public through a special purpose acquisition company (SPAC) deal with InterPrivate II Acquisition Corp., worth a combined $1.2 billion, according to a joint press release Wednesday, May 11.‍

The boards of Getaround and InterPrivate have unanimously approved the transaction. However, it still needs shareholder approval and must go through regulatory approvals before the expected closing in the second half of this year.

Getaround and InterPrivate will organize a joint investor conference call to discuss the proposed transaction Thursday (May 12) at 8 a.m. ET.

If the agreement is approved, Getaround will be listed on the New York Stock Exchange under the symbol GETR and Getaround Founder and CEO Sam Zaid will lead the combined company, according to the press release.

Also Read: Getaround Car-Sharing Tech Disrupts Car Ownership

Getaround Connect allows consumers to reserve vehicles instantly and pick them up in minutes without filling out paperwork, queuing or physically exchanging keys. It also allows hosts to scale and manage large leaks across multiple geographic regions.

“Getaround aims to empower people around the world to share cars and to make the sharing experience increasingly simpler and more reliable through the use of digital and connected technology. Ultimately, our goal is to make Getaround as convenient as owning a personal car,” Zaid said in the company’s press release. “We are accelerating a much-needed transition from a legacy analog car rental experience to an all-digital, ‘keyless’ car-sharing experience.”

Getaround will use the proceeds from the sale to continue product innovation and expansion.

“As a relentless innovator, the company has designed and deployed its proprietary Getaround Connect technology to create tremendous network effects in cities around the world, improving the utilization of automotive assets and transforming the way its customers access transportation,” said Ahmed Fattouh, Chairman and CEO. of InterPrivate, in the joint press release.

Related: Estonia’s Bolt app raises $714 million to scale its shared mobility platform

In January, Estonia-based super app Bolt announced a $714 million funding round, bringing the company’s value to $8.4 billion. Bolt announced in December that it would be rolling out several new security features to its scooter-sharing network.

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