International taxi service Gett attracts $100M

Israeli corporate transportation company Gett announced the completion of a $100 million funding round, pushing its valuation to $1.5 billion. The round was led by its existing investors and undisclosed new ones, reports Globes.

According to Crunchbase, Gett has raised $913 million since it was founded in 2010. Its biggest investor is Volkswagen Group, which has invested over $300 million in total. 

Gett develops a SaaS cloud solution for managing the ride-booking experience for businesses. The company provides its services to over 17,000 corporates in 120 cities, including a third of the Fortune 500 list.

The company has also a taxi passenger hailing app that is available in Israel, the UK, Russia. But further scaling of this product is unprofitable from financial and competitive points of view, that is why Gett is planning to continue the expanding of its B2B business.

As the CEO of Gett Dave Waiser claims, the proceeds will help to concentrate on the growth of its corporate SaaS platform internationally and the preparation for a potential IPO, which the company expects in 2021.