January 16, 2021

Cocoabar21clinton

Truly Business

Gett Raises $115M For Business Ride-Hailing

2 min read

Ground travel software company Gett has completed a funding round with $115 million, the company wrote in a blog post.

The company said $15 million of that amount is an extension of a $100 million round from June to boost interest from new investor Pelham Capital alongside the company’s existing investors, the post stated.

With the proceeds, the company plans to speed up its Software-as-a-Service (SaaS) platform and expand worldwide, according to the post.

Gett purports to bring together the worlds of ride-hailing companies and corporate fleets, incorporating needs for booking, riding, invoicing, analytics and more so companies can order ride-hailing services. The effect is to help corporates save money and time, and increase “employee satisfaction,” the post stated.

“We are on a journey to transform corporate ground travel, and I’m delighted that investors find our model attractive,” said Gett CEO Dave Waiser in the post. “This investment will allow us to further develop our SaaS technology and deepen our proposition within the corporate ground travel market (both travel-related and local ones).”

Amos Genish, Gett chairman, said in the post that the 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.”

“There are clear parallels between Gett and GDS companies like Amadeus or Sabre Group, which improved travel booking experience in the highly fragmented air travel sector 20 years ago, and Booking.com, which transformed the hotel industry’s supply market,” Genish added, according to the post.

PYMNTS reported on Gett’s funding round last year, writing that the company said it already courted one-third of Fortune 500 companies, with the pandemic helping to increase its numbers. The company became operationally profitable in late 2019.

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NEW PYMNTS DATA: THE DECEMBER 2020 SUBSCRIPTION BUNDLING REPORT 

About: The PYMNTS Subscription Bundling Report, surveyed a census-balanced panel of 2,962 U.S. consumers to gauge how their attitudes toward bundled subscription services have changed during the pandemic, especially those offered by companies in the streaming sector. The report also examines how the knowledge that a COVID-19 vaccine will soon be available throughout the U.S. could affect their perceptions.