Car-sharing service Getaround announced Thursday that it raised $US45 million in a funding round led by VC firm Braemar Energy Ventures.
Toyota, Shanghai Automotive’s venture capital investment arm, and SAIC capital also participated in the Series C round.
Getaround allows car owners to rent out their vehicles when they’re not in use. Those interested can rent anything from a Mini Cooper to a Tesla, with prices starting at $US5 an hour. It’s available in 13 cities across the United States.
Uber partnered with Getaround in April, allowing people who don’t own a car to still sign up as an Uber driver. Uber covers the cost of a first rental for up to 14 hours. Afterwards, the $US5 hourly flat fee covers insurance, gas, and mileage.
The service also has a partnership with Mercedes that knocks $US500 off a Mercedes GLA or CLA lease if it’s put on the Getaround platform.
Getaround’s latest funding round comes at a time where major automakers are preparing for a decline in car ownership that will be influenced by a rise in ride-hailing services and eventual autonomous vehicles.
General Motors has also expanded its car-sharing service Maven, first launched in January 2016, is currently available in 17 cities in the US and Canada.
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