Getaround secures $20 million in funding following strong Q3 2023 performance

New funding provides runway to achieve growth and profitability goals

San Francisco, January 23, 2024–(BUSINESS WIRE)–GetAround (NYSE: GETR), the world’s first connected car-sharing marketplace, today announced that Madrick Capital Management has announced that it will fund its 2024 operating plan. and announced a new debt facility providing up to $20 million in additional capital. First get around by winning his $5 million.

This funding follows Getaround’s strong Q3 2023 financial results announced in its December earnings call: strong revenue growth (+42% year over year) and improved travel contribution margin (52%) (up 640 basis points from the previous year). Additionally, Getaround just launched (January 17) a new unified global app and website that enhances the booking experience for drivers and owners between the U.S. and Europe.

“This round of funding marks another step in our mission to shape the future of mobility,” said founder Sam Zaid. We appreciate Mr. Mudrick’s continued support and confidence in our focus on delivering strong and sustainable growth.” CEO of Get Around.

Mr. Mudrick’s funding of GetAround demonstrates continued confidence in the company’s growth potential and disruptive approach to the mobility industry. Coinciding with the funding, Jason Mudrick, founder of Mudrick Capital Management, joined Getaround’s board of directors. Mr. Mudrick’s extensive experience in capital markets brings valuable insight and expertise to his Getaround as it continues on its path to profitability.

Jason Mudrick said, “My commitment to invest and join the Board of Directors is due to my strong recognition of Getaround’s unique value proposition in the car sharing space and its potential as consumer mobility patterns continue to change.” The team at GetAround has demonstrated remarkable resilience and innovation, and I look forward to contributing to the company’s future success. This sponsorship is a testament to our confidence in GetAround’s vision to revolutionize car sharing and its impact on urban mobility.”

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Additionally, in connection with this new funding, Ahmed Fattouh, CEO of InterPrivate, Getaround’s SPAC sponsor, has resigned from the company’s board of directors. Getaround would like to thank Mr. Fattouh for his tireless efforts and significant contributions to the company.

Getaround launches new unified global app and website

Launched on January 17, Getaround’s new app and website enhances the booking and management experience for guests and hosts, enabling seamless travel coordination between the U.S. and Europe. The upgrade is a testament to Getaround’s commitment to global connectivity and user convenience, and means the company now operates a single, unified consumer car-sharing experience in the U.S. and Europe. To do. Getaround plans to integrate his HyreCar marketplace for gig car sharing into the same platform in 2024.

Non-GAAP financial measures

To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), this press release includes certain non-GAAP financial measures, such as travel contribution margin. We believe that these non-GAAP financial measures are useful in understanding our past and future financial performance. Our non-GAAP financial measures should not be considered in isolation or as a substitute for comparable GAAP measures, but should be read in conjunction with our consolidated financial statements, which are prepared in accordance with GAAP. Our management periodically uses supplemental non-GAAP financial measures internally to understand and manage our business and predict future periods. These non-GAAP financial measures are not based on a standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. Our definitions of these non-GAAP financial measures may differ from the definitions used by other companies, so comparability may be limited. Additionally, other companies may not publicly disclose these or similar financial metrics. Additionally, these financial measures are subject to certain limitations in that they do not include the impact of certain costs that are necessary to operate our business and are reflected in our consolidated statements of operations. Accordingly, these non-GAAP financial measures should not be considered in place of or in isolation of financial measures prepared in accordance with GAAP, but in addition to them.

Our non-GAAP financial measures included in this press release are Travel Contribution Margin and Travel Contribution Margin. Travel contribution margin is defined as our gross profit from service revenue adjusted for: (i) Cost of service revenue, amortization and depreciation expense. (ii) Travel Support Costs. This consists of auto insurance costs, claims support costs, and customer care costs. We define travel contribution margin as travel contribution margin divided by service revenue recognized during the period presented.

The following table provides reconciliations of the non-GAAP financial measures used in this press release to the most comparable GAAP measures for the periods presented.

Travel contribution margin

About Get Around

Getaround (NYSE: GETR), a 100% digital experience, simplifies car and truck sharing through its proprietary cloud and in-vehicle connectivity.^® technology. The company helps consumers transition away from car ownership by providing instant and convenient access to attractive, affordable and safe cars from a host of entrepreneurs. Getaround’s on-demand technology enables a contactless experience. There’s no need to wait in line at a rental facility, fill out manual paperwork, or meet someone to pick up or return your car keys. Getaround’s mission is to leverage peer-to-peer marketplaces to help solve the most pressing challenges facing the world today, including environmental sustainability and access to economic opportunity. His Getaround, launched in 2011, is now available in more than 1,000 of his cities in the US and Europe. For more information, please visit https://www.getaround.com/.

Forward-looking statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements generally relate to future events, including statements made by Getaround’s CEO and Jason Mudrick, statements regarding the Company’s expected operating results, and statements regarding continued financial support from Mudrick or other principal investors. Thing. In some cases, you can identify forward-looking statements by terms such as “intends,” “plans,” “intends,” or the negative of these terms, variations thereof, or similar terminology. We believe that these forward-looking statements are based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors that we believe are appropriate under the circumstances. Based on current expectations, assumptions and analysis performed by. . However, whether actual results or developments will correspond to our expectations and projections is subject to a number of risks and uncertainties, many of which are beyond our control. and our Annual Report on Form 10-K filed with the SEC on November 16, 2023, and other filings we have made and may file with the SEC in the future. Other factors under the heading “Risk Factors”. All forward-looking statements contained in this press release are subject to these cautionary statements. The actual results or developments anticipated may not materialize, or even if materially realized, may not have the expected results or impact on us, our business or operations. Such statements are not guarantees of future performance, and actual results or developments may differ materially from those anticipated in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

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