Getaround, a San Francisco, CA-based car sharing company, received a strategic investment from Toyota Motor Corporation.
Toyota made the investment though its investment fund, Mirai Creation Investment Limited Partnership.
The two companies have also signed a partnership to expand the reach of peer-to-peer carsharing, including strategic investment and broader platform integration. The deal will leverage Getaround’s carsharing platform and connected car technology, in combination with Toyota’s new Mobility Service Platform and bluetooth-enabled Smart Key Box. Beginning with a pilot program in San Francisco, Getaround renters will be able to securely rent, locate and drive new Toyota vehicles, starting with select Lexus models, without needing to use a physical car key.
Toyota Financial Services will also develop a new financial product recognizing the revenue from sharing Toyota or Lexus on the Getaround platform as a payment method. This product will allow Toyota customers to make their monthly lease payments directly through their monthly Getaround earnings. This offering will be available to new Toyota Financial Services customers in starting in San Francisco by January 2017.
Led by Sam Zaid, Founder and CEO, Getaround enables car owners to share their cars by the hour with other people nearby. The company’s platform combines Getaround Connect, its patented connected car technology, with auto insurance coverage, to let users rent nearby cars and save money on auto payments, insurance and maintenance.