Gett raises $15 million to complete $115 million June round
CEO of Israeli-founded company says happy to conclude “incredibly difficult period for the travel sector” at an operational profit
Global corporate ground travel company Gett Inc. announced Tuesday it has raised $15 million to complete a $115 million funding round it had announced in June.
According to the Israeli-founded company, it raised the additional $15 million to accommodate interest from new investor Pelham Capital Investments Ltd. and Gett's existing investors. It said in a statement that the proceeds will be used to further accelerate the development of the SaaS platform and the company's global expansion. The capital raised in June brought the company to a $1.5 billion valuation.
Gett, founded in Tel Aviv in 2010 as Get Taxi, has rebranded itself in recent years from a taxi-hailing company to one working mainly in the enterprise market, optimizing its clients' corporate ground travel needs, from booking and riding to invoicing and analytics, saving corporates both time and money while increasing employee satisfaction.
"We are on a journey to transform corporate ground travel and I'm delighted that investors find our model attractive. This investment will allow us to further develop our SaaS technology and deepen our proposition within the corporate ground travel market,” Dave Waiser, Gett’s CEO said in a statement. "It has been an incredibly difficult period for the travel sector, but we are pleased to have finished 2020 operationally profitable and on budget.”
In a June interview to Calcalist, Mark Oun, CEO of Gett Israel, said the company was profitable in Russia, Israel, and the U.K., serving as an indication that its business model is lucrative.
“This funding round was oversubscribed, which shows the market's interest in our platform and long term vision. Gett is disrupting and transforming a fragmented market delivering ever-critical cost optimization and client satisfaction,” Gett chairman Amos Genish added.