Car-sharing platform GetGo raises S$20 million from family-backed Treis Group

GETGO has raised S$20 million from family-backed investment firm Treis Group, with new shares being issued for the S$20 million funding. Treis’ stake in GetGo now comprises new shares and a stake previously held by LHN Group, which was divested on Jan 27.

The funds will be used to accelerate the growth of the car-sharing platform’s electric fleet, and strengthen its technology and operations. GetGo currently has 90 electric vehicles in its fleet of 2,100, and is targeting to have 10,000 greener vehicles by 2030.

“Treis’ investment allows us to continue our push towards electrification and extend our technology leadership. By 2030, we aim to serve more than a million households in Singapore, greatly reducing the need for car ownership and realising a significant part of Singapore’s Green Plan 2030,” said Toh Ting Feng, chief executive and co-founder of GetGo.

This investment comes as the government levies more taxes on private cars, with the Additional Registration Fee rates raised by up to 100 percentage points. Certificate of Entitlement (COE) premiums have also remained high, with COEs for higher-powered vehicles still about S$100,000.

“GetGo’s mission in shared and sustainable mobility resonates with Treis’ ambition to help grow solutions for resource-efficient economic models. Each GetGo car is shared on average by over 20 different users every month,” said Jonathan Fein, Asia lead for sustainability investments at Treis.