Getaround acquires HyreCar assets
Car sharing marketplace Getaround is acquiring substantially all of the assets of HyreCar, a gig carsharing marketplace, for an aggregate purchase price of $9.45 million. The acquisition is expected to add up to $75 million of run-rate annualized gross booking value and to contribute positive Adjusted EBITDA, accelerating Getaround’s path to profitability.
Founded in 2014, the California-based company allows people to rent out cars for rideshare and delivery purposes. The offering includes liability insurance provided by HyreCar’s insurance partner(s) and physical damage coverage.
In February, HyreCar filed for bankruptcy with the goal of selling the company. Getaround will access thousands of cars and tens of thousands of gig drivers as part of the deal.
“HyreCar created the gig economy carsharing category with an asset-light model, extensive user data and strong risk management solutions. The assets not only offer solid fundamentals that contribute to both the top and bottom lines, but fits well symbiotically with Getaround, our technology, key partnerships, and future growth plans. Getaround’s DNA in connected, digital (keyless) carsharing and its global reach enables HyreCar hosts to grow their businesses and unlock more earnings potential. As this is an asset purchase, it is a clean and simple transaction, adding a fantastic community of customers whom we are very pleased to welcome to the Getaround marketplace. At this acquisition price point, we believe this deal will deliver strong long-term value for Getaround stakeholders.” – Sam Zaid, CEO and founder of Getaround.
“We are thrilled to announce this acquisition by Getaround, an industry leader in digital carsharing. Through its proprietary Getaround Connect platform, we will now be able to offer guests and hosts a more secure and convenient way to find, book and manage rentals than ever before. Getaround continues to be a pioneer in the carsharing space and we look forward to creating an even more robust and diverse carsharing platform that empowers people everywhere to participate in the gig economy, creating opportunity and greener cities.” – Eduardo Iniguez, CEO of HyreCar.