Yahoo Finance Carsharing platform GetGo raises $20 mil investment from family-backed investment group
The investment from Treïs will enable the carsharing platform to accelerate the growth of its electric fleet.
GetGo Technologies, on Feb 23, announced that it has raised another $20 million from family-backed investment group, Treïs.
The investment from Treïs will enable the carsharing platform to accelerate the growth of its electric fleet. GetGo has a target of 10,000 greener vehicles by 2030. The investment will also strengthen the platform’s technology and operational platform, says GetGo.
GetGo was launched on Feb 25, 2021, and now operates over 2,100 vehicles across 1,400 locations. The platform now serves over 50,000 users who make over 150,000 bookings each month.
“Our mission is to enable the freedom to drive regardless of each person’s ability or desire to own a car. It is our belief that sustainable and efficient carsharing has a critical role to play in the government’s vision of a green and car-lite society, which is especially important in Singapore where we have a world class public transportation system and the highest cost of car ownership in the world. Treïs’ investment allows us to continue our push towards electrification and extend our technology leadership. By 2030, we aim to serve more than a million households in Singapore, greatly reducing the need for car ownership and realising a significant part of Singapore’s Green Plan 2030,” says Toh Ting Feng, CEO and co-founder of GetGo.
“It is heartening to hear parents talking about their kids exclaiming “GetGo!” every time they spot our cars on the road. As a brand, we play an essential part in shaping the mobility landscape for the next generation. We are committed to building a mission-driven brand and a user-centric service that empowers people to make sustainable decisions for the environment by sharing, not owning, allowing our users to access a large variety of cars with just an app,” adds Johnson Lim, CMO and co-founder of GetGo.
“GetGo’s mission in shared and sustainable mobility resonates with Treïs’ ambition to help grow solutions for resource efficient economic models. Each GetGo car is shared on average by over 20 different users every month. We were impressed by the vision, the focus, and the quality of execution at GetGo, and we are excited to partner with the team. The new funds will enable GetGo to accelerate its growth, investing in technology and operations, as well as to hasten the shift to high-quality electric vehicles,” says Jonathan Fein from Treïs.
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