CLOSE ADS
CLOSE ADS

Getaround tops up $25M debt financing to its $140M Series E

Silicon Valley peer-to-peer car rental startup Getaround has secured a $25 million loan from Horizon Technology Finance Corporation. The financing announcement comes one month after Getaround raised $140 million from investors, including SoftBank Vision Fund, Menlo Ventures, Reid Hoffman and Mark Pincus’ Reinvent Capital.

Getaround’s raise signals that the company is looking for new ways to secure cash without further diluting executives or investors.

A Getaround spokesperson said “Horizon presented an opportunity that provides us with additional capital to accelerate our plans in the same way as our recent Series E fundraise.”

Dan Devorsetz, Horizon’s chief investment officer, told TechCrunch that venture debt has been a part of Getaround’s financing strategy for 2020.

“It diversifies funding sources and lowers their overall cost of capital, while also mitigating the dilution impact of incremental equity,” he said. While he wouldn’t clarify on where the debt capital was going, he said that the debt is allowing Getaround to accomplish both “working capital needs and long-term strategic growth initiatives.”

Getaround, like many travel-related startups, struggled in the beginning of the pandemic as governments issued stay-at-home orders in an effort to keep the disease caused by coronavirus from spreading. Bookings dropped 75% in March, forcing Getaround to lay off 100 employees. The company also applied and received approval for a Paycheck Protection Program loan to help retain workers. Getaround previously told TechCrunch that the program “helped reduce the otherwise severe impact on the health of our organization,” due to lockdowns and coronavirus restrictions.

Comments

Labels

Show more

Trending on Last 7 Days

YouTube channel [ name ideas for education ] : Best Creative and Unique 5000+ [ Educational YouTube channel ] name ideas and suggestion

YouTube channel [ name ideas for Facts ] : Best Creative and Unique 700+ [ Facts YouTube channel ] name ideas and suggestion

YouTube channel [ name ideas for motivational ] : Best Creative and Unique 600+ [ Motivational YouTube channel ] name ideas and suggestion

YouTube channel [ name suggestions for travel ] : Best 2200+ [ Cool and Unique YouTube channel name ideas for travel ]

क्लाइंट साइड और सर्वर साइड के बीच अंतर difference between client side & server side

Best 50 + [ Future business ideas 2025-2050 ] in the world | [ Smart and Profitable Business Ideas ] for Upcoming Future

लघु एवं कुटीर उद्योग, लघु उद्योग के बारे में जानकारी, घरेलू उद्योग, लघु उद्योग लिस्ट व्यवसाय लिस्ट,भारत में ग्रामीण क्षेत्रों के लिए छोटे व्यवसाय के विचारों,सबसे अच्छा व्यवसाय भारत में ग्रामीण क्षेत्रों के लिए व्यापार विचारों,भारत में निर्माण व्यवसाय विचारों,मोठा व्यवसाय ग्रामीण भारतातील प्रमुख व्यवसाय कोणता,ग्रामीण क्षेत्र में रोजगार के अवसर घर का बिजनेस,home business, बिजनेस आइडिया 2020 laghu udyog and kutir udyog in Hindi,small business in hindi

101+ Most [ Powerful Morning Affirmations ] for [ Self,love,Health,Life,Happiness,Success,Money,Confidence and Morning Quotes ] & Sayings with FAQ

B2B मार्केटिंग क्या है?बी 2 बी कंपनियों के उदाहरण,बी 2 बी मार्केटिंग के प्रकार ,बी 2 बी कंपनी क्या है? B2B(Business to Business) marketing,example,company,strategy kya hai ,How to Develop or create B2B in HIndi

How 29 year old founder Abhi Ramesh who Built a $1 Billion dollar Start-Up Called Misfits Market (Startup Motivation and Positive story, Learning)

Trending on Last 30 Days

YouTube channel [ name ideas for education ] : Best Creative and Unique 5000+ [ Educational YouTube channel ] name ideas and suggestion

YouTube channel [ name ideas for Facts ] : Best Creative and Unique 700+ [ Facts YouTube channel ] name ideas and suggestion

YouTube channel [ name ideas for motivational ] : Best Creative and Unique 600+ [ Motivational YouTube channel ] name ideas and suggestion

Best 50 + [ Future business ideas 2025-2050 ] in the world | [ Smart and Profitable Business Ideas ] for Upcoming Future

लघु एवं कुटीर उद्योग, लघु उद्योग के बारे में जानकारी, घरेलू उद्योग, लघु उद्योग लिस्ट व्यवसाय लिस्ट,भारत में ग्रामीण क्षेत्रों के लिए छोटे व्यवसाय के विचारों,सबसे अच्छा व्यवसाय भारत में ग्रामीण क्षेत्रों के लिए व्यापार विचारों,भारत में निर्माण व्यवसाय विचारों,मोठा व्यवसाय ग्रामीण भारतातील प्रमुख व्यवसाय कोणता,ग्रामीण क्षेत्र में रोजगार के अवसर घर का बिजनेस,home business, बिजनेस आइडिया 2020 laghu udyog and kutir udyog in Hindi,small business in hindi

YouTube channel [ name suggestions for travel ] : Best 2200+ [ Cool and Unique YouTube channel name ideas for travel ]

[प्रेगैबालिन] साइड इफेक्ट्स हिंदी में [ Pregabalin ] ke side effects in hindi

क्लाइंट साइड और सर्वर साइड के बीच अंतर difference between client side & server side

How 29 year old founder Abhi Ramesh who Built a $1 Billion dollar Start-Up Called Misfits Market (Startup Motivation and Positive story, Learning)

सकारात्मक सोच के लाभ,सकारात्मक सोच की शक्ति Benefits of Positive thinking in Hindi