# Getaround (2009 – 2026)

- URL: https://girisimcikafasi.com/en/startup-graveyard/getaround/
- Sector: Mobility and transport
- Country: United States
- Total funding: $750 million
- Unicorn: yes, peak valuation $1.2 billion
- Cause of closure: Ran out of cash

## What did it do?

Getaround was a sharing platform that let car owners rent out their vehicles through an app, without keys. It was founded in San Francisco in 2009. In 2018 it raised USD 300 million in a round led by SoftBank Vision Fund. In 2019 it bought France's Drivy for USD 300 million to enter Europe, and in 2023 it acquired HyreCar.

## Why did it shut down?

The company listed in New York in December 2022 by merging with InterPrivate II, but investors redeemed 94 per cent of the SPAC trust and gross proceeds came to only about USD 228 million. The shares fell hard on day one, market value dropped to about USD 24 million in 2024, and it moved to the over-the-counter market in July 2024. In February 2025 the interim chief executive cited an ongoing lack of liquidity and closed the US business, laying off all US staff. The European business passed to GoMore on 30 April 2026 for about EUR 31.5 million. The board decided on dissolution on 5 June 2026 and shareholders approved it on 29 July 2026. The company expects no distribution to shareholders.

## The story

Getaround began in San Francisco in 2009 with a simple observation: most cars sit parked for most of the day. Owners would rent theirs out through an app, without keys. In 2018 SoftBank Vision Fund led a USD 300 million round, and in 2019 the European platform Drivy was bought for USD 300 million.

In December 2022 the company merged with InterPrivate II and went public. Holders of 94 per cent of the trust took their money back, the shares slumped on day one and a delisting warning came within months.

The next two years were spent shrinking: layoffs in 2023 and 2024, then a move off the exchange in July 2024. On 12 February 2025 US insurance cover ended, future rentals were cancelled and the US business was over within days. The company retreated to Europe.

There was no breathing room there either. The European business was sold to GoMore in April 2026 and the money went to secured debt. On 29 July 2026 shareholders approved liquidation. After more than USD 750 million of investment, no distribution to shareholders is expected.

## Lessons

- A listing is not an escape plan. With 94 per cent of the SPAC trust redeemed, going public brought the costs of a public company rather than cash.
- For peer-to-peer car rental, insurance is a condition of existing, not a side cost. In February 2025 the risk of losing liability cover stopped the entire US business almost overnight.
- Your last valuable asset ends up with your creditor: the European sale cleared about USD 121.7 million of secured debt. Before taking on heavy borrowing, price what it means to pledge your best business.

## Sources

- [Getaround abruptly shuts down US car-sharing operations](https://techcrunch.com/?p=2965391)
- [Getaround, Inc. definitive proxy statement (DEF 14A)](https://www.stocktitan.net/sec-filings/GETR/def-14a-getaround-inc-definitive-proxy-statement-7a9f374d3ae7.html)
- [Getaround stockholders approve company dissolution and liquidation](https://www.tipranks.com/news/company-announcements/getaround-stockholders-approve-company-dissolution-and-liquidation)
- [Getaround](https://en.wikipedia.org/wiki/Getaround)
- [InterPrivate II (IPVA) Shareholders Approve Getaround Deal](https://www.spacinsider.com/news/mhaddad/interprivate-ii-shareholders-approve-getaround-deal)