Getaround, the leader in carsharing, has taken a major step forward with the announcement of the expansion of its existing debt facility with Mudrick Capital Management. This additional funding of up to $50 million marks a new phase of growth and innovation for the company…
New financing to support growth
Getaround, the leading ride-sharing company, has announced the extension of its credit facility with Mudrick Capital Management. The agreement provides the company with up to $50 million to boost its operations. But also support further expansion through to 2025. On 29 April 2024, Getaround received its first round of funding of $20 million. Consolidating its position as the pioneer of contactless ride-sharing through its proprietary Getaround Connect® technology. This increased financial support from Mudrick Capital Management demonstrates confidence in Getaround’s long-term strategic vision. In addition, comments from Jason Mudrick, Investment Director, highlight the company’s unique competitive advantages and growth potential to 2024 and beyond.
As I work with Eduardo and the reconstituted management team on Getaround’s vision for the future, I am increasingly confident in the company’s ability to deliver on its strategic plans for growth and profitability. Indeed, Getaround’s unique competitive advantages and significant untapped market opportunities inspire my continued support for the business plan to 2024 and beyond.
JASON MUDRICK, INVESTMENT DIRECTOR, MUDRICK CAPITAL MANAGEMENT
A strategic transition towards sustainability and profitability
Under the leadership of recently appointed CEO Eduardo Iniguez, Getaround has undertaken a major reorganisation of its management team and operations. This restructuring, which aims to establish a sustainable business model for the long term, will enable the company to invest in profitable growth. Mudrick Capital’s renewed support, demonstrates confidence in Getaround’s ability to achieve its strategic ambitions.
Furthermore, Getaround’s trading activity today is remarkable. With over 29 million shares traded, well above its usual average daily volume of 458,000 shares. This market ferment underlines the growing investor interest in Getaround, particularly following an impressive 35.8% rise in the share price. This dynamic clearly illustrates the importance of extending funding to strengthen Getaround’s position in the car-sharing market. But also to support its growth. With a clear strategy and strong financial backing, Getaround is establishing itself as a major player in shared mobility.
Earlier this year, we proactively transitioned our management team and began to restructure our operations to create what we believe is a sustainable long-term business model in which we can confidently invest for profitable growth.
EDUARDO INIGUEZ, PDG OF GETAROUND
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