Deals
SoftBank-Backed Getaround Looks for a Buyer as Demand Evaporates
Car-sharing had been troubled even before the Covid-19 pandemic.
A logo for Getaround peer-to-peer car-sharing service is displayed on the side of a car in Mountain View, California.
Source: Gado/Getty Images
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The car-sharing company Getaround is actively seeking a sale as the coronavirus outbreak has sent demand plunging and left the startup dangerously short on cash, according to people familiar with the matter.
The startup, whose backers include SoftBank’s $100 billion Vision Fund, has been one of the two leading companies in the peer-to-peer car-sharing industry, where people can rent out their private vehicles online for hours or days. Investors had valued it at well over $1 billion. Getaround has said it has 5 million users.