Getaround, a San Francisco-based car sharing provider, received a $25 million venture loan facility from Horizon Technology Finance Corporation (NASDAQ: HRZN).
The company will use the loan proceeds for general working capital purposes.
Led by Sam Zaid, Founder and Chief Executive Officer, Getaround is a peer-to-peer car sharing platform where individuals can share their car by the day or the hour.
Powered by Getaround ConnectⓇ, the proprietary connected car technology, Getaround creates a safe carsharing experience without the need to meet the car owner, carry an access card, or coordinate picking up a car key. People share everything and earn up to thousands in extra income each year, offsetting the cost of car ownership while also making a positive impact on the environment.
The company, which has expanded to over 300 U.S. and European cities, is backed by premier tech investors including Reinvent Capital, PeopleFund, Softbank Vision Fund, Menlo Ventures and Braemar Energy Ventures.