Gett Doubles Down on Corporate Mobility with $100M Investment
While many ride-hailing companies struggle with reduced demand during the pandemic, Gett—the London and Israel-based mobility platform—is bucking the trend. The company has raised $100 million in primary equity funding to accelerate its B2B-focused ride-hailing services, a segment that continues to grow despite global travel disruptions.
Key Highlights:
- Funding Purpose: Strengthen Gett’s corporate SaaS platform and expand internationally.
- Profitability: Achieved operational profitability in December 2019 and core-market profitability in June 2020.
- IPO Plans: Targeting 2021 for a potential public listing, delayed from 2020 due to market conditions.
Why Corporate Ride-Hailing Thrives in a Pandemic
Gett’s CEO, Dave Waiser, emphasized the shifting mobility needs of businesses:
“COVID-19 has transformed urban travel. Companies now prioritize cost-efficient, safe ground transportation for employees. Our SaaS platform delivers exactly that.”
Unlike consumer-focused rivals (e.g., Uber, Lyft), Gett’s B2B model has proven resilient, serving 15,000 corporate clients, including one-third of Fortune 500 companies. Its value proposition includes:
- 25% cost savings over traditional corporate ground transport.
- Integrated analytics and invoicing tools for enterprise clients.
- Partnerships with Lyft and others to extend coverage to 1,500 cities.
Strategic Partnerships and Market Focus
Gett’s hybrid approach combines direct operations (e.g., London, Moscow) with third-party collaborations to scale efficiently. While partnerships yield lower margins, they complement Gett’s proprietary software, which drives revenue through corporate subscriptions.
Financial Resilience and Future Goals
Gett’s $750 million total funding (including backing from VW and Access Industries) and $1.5 billion valuation (as of 2019) underscore investor confidence. The company is now cash-flow positive and on track for a 2021 IPO, according to Waiser.
Amos Genish, Gett’s Chairman, added:
“This funding validates our corporate-focused strategy and global expansion plans.”
Why Gett Stands Out
- Profitability: Rare among ride-hailing firms, even pre-pandemic.
- Niche Focus: B2B services address post-COVID safety and cost concerns.
- Scalability: Leverages partnerships to grow without heavy capital expenditure.
As urban mobility evolves, Gett’s corporate-first approach positions it uniquely in a competitive landscape. With fresh capital and a clear roadmap, the company is poised to redefine business travel in the post-pandemic era.
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