Getaround Secures up to $50 Million in Additional Financing

Getaround (NYSE: GETR), the world's first connected carsharing marketplace, today announced that its existing debt facility with Mudrick Capital Management has been expanded to provide the company with up to $50 million in additional capital. On April 29, 2024 Getaround drew down the first $20 million of this capital.

“Earlier this year we proactively transitioned our leadership team and began restructuring our operations to create what we believe is a long-term, sustainable business model in which we can confidently invest for profitable growth,” said Eduardo Iniguez, CEO of Getaround. “These initiatives coupled with Mudrick Capital’s additional financial support underscore our commitment to car owners and renters who utilize our carsharing platform to meet society’s evolving mobility needs.”

“As I work with Eduardo and the reconstituted management team on Getaround’s vision for the future, I’m increasingly confident in the company’s ability to execute against its strategic growth and profitability plans,” said Jason Mudrick, chief investment officer of Mudrick Capital Management and a member of the company’s board of directors. “Getaround’s unique competitive advantages and significant untapped market opportunities inspire my continuing support for the business plan through 2024 and beyond.”

About Getaround

Offering a digital experience, Getaround (NYSE: GETR) makes sharing cars and trucks simple through its proprietary cloud and in-car Getaround Connect technology. The company empowers consumers to shift away from car ownership through instant and convenient access to desirable, affordable, and safe cars from entrepreneurial hosts. Getaround’s on-demand technology enables a contactless experience — no waiting in line at a car rental facility, manually completing paperwork or meeting anyone to collect or drop off car keys. Getaround’s mission is to utilize its peer-to-peer marketplace to help solve some of the most pressing challenges facing the world today, including environmental sustainability and access to economic opportunity. Launched in 2011, Getaround is available today in more than 1,000 cities across 8 countries including the United States and Europe. For more information, please visit https://www.getaround.com/.