Volkswagen invests $300m in Gett accounting for more than half of its fundraiser
German auto giant Volkswagen has hedged its bets on the power of taxi industry disruptor Gett.
Gett (formerly GetTaxi) recently raised a total of $520m, with Volkswagen pitching in more than half of that figure, sitting at $300m.
The auto maker has glanced a gap in the market between taxi services and the use of personal transport, services like Lyft, Uber and Gett are believed to bridge these distances and as long as there are cars to be sold and serviced, it wants involved.
Gett is Europe’s biggest ride-hailing company and claims to have 100,000 cars across the world.
It comes after General Motors, injected $500m into ride-hailing app Lyft, showing a general deviation from the industry into ride-hailing.
Shahar Waiser (pictured), Gett founder and chief executive, said: “We are thrilled to partner with the Volkswagen Group, the #1 global car manufacturer.
“With VW’s investment, Gett will now accelerate its expansion to the rest of Europe, and strengthen its position in NYC, where we already operate.”
“The Volkswagen Group and Gett is a great strategic partnership. On-demand ride booking is growing rapidly. In that context, Gett provides the Volkswagen Group with the technology to expand beyond car ownership to on-demand mobility for consumers.”
Matthias Müller, chairman of the Board of Management of Volkswagen Aktiengesellschaft, said: “Alongside our pioneering role in the automotive business, we aim to become one of the world’s leading mobility providers by 2025.
“Within the framework of our future Strategy 2025, the partnership with Gett marks the first milestone for the Volkswagen Group on the road to providing integrated mobility solutions that spotlight our customers and their mobility needs.”
The Volkswagen Group comprises multiple brands: Volkswagen, Audi, Seat, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Scania and MAN.