The London and Israeli based mobility tech company, Gett, announced a $100 million funding round. However, the company refrained from naming names because the round is still open, only noting that it was a combination of new and existing investors. This latest round brings the company up to $750 million in fundraising so far. Gett hasn’t released a new evaluation sum, but it shouldn’t have changed much from the $1.5 billion evaluation the company received during a $200 million 2019 funding round.

The IPO is put on hold

Gett has been turning its focus to B2B service over the last few years. Now, adding focus to its SaaS which connects its organizational customers with car services. The company has seen massive funding rounds over the years, while last year whispers spoke of the company going public sometime between the end of 2019 and 2020.

Nevertheless, Gett announced a $120 million funding round in May 2019, which was added to another $80 million raised just a few months prior. The latest round included both equity and credit line elements. Once completing the 2019 round, Gett CEO and founder, Dave Waiser told TechCrunch, that it was probably the last fundraising round before going public. Though things have a tendency to change, with it now looking like that the planned IPO for 2019, and then 2020, is once again put on the back burner. The novel Coronavirus has caused changes to the mobility industry, like to the services offered by Gett, and unfortunately, it doesn’t seem as if the pandemic will be out of our lives anytime soon.

You may remember that last November saw the company close operations on the NY-based ride service, Juno, which Gett acquired for $200 million just two years earlier in an unsuccessful attempt to penetrate the U.S. ride-share market and bring the battle to Uber and Lyft. Closing down Juno did eventually bring collaboration with ride-share giant Lyft, one of its main competitors.
After partnering with Lyft, the company reported a move to a B2B focus in preparation for a potential IPO, as Gett transitioned into profitability last December. Gett currently explains that the latest funding round was “part of the company’s efforts to expand B2B operations and strengthen strategic ties.”