Softbank-backed car-sharing startup Getaround nears SPAC merger: sources

GETAROUND, a car-sharing marketplace that functions as an Airbnb for vehicles, has agreed to go public through a merger with InterPrivate II Acquisition, a special purpose acquisition company (SPAC), according to people with knowledge of the matter.

A transaction that gives the combined company an equity value of about US$1.2 billion, if there are no redemptions, may be unveiled as soon as Wednesday (May 11), said the people, who requested anonymity.

Getaround founder and chief executive officer (CEO) Sam Zaid will lead the company, which is set to trade on the New York Stock Exchange with the 'GETR' ticker, the people said. Getaround investors including SoftBank Vision Fund, Menlo Ventures, Reinvent Capital and actor Ashton Kutcher are poised to remain owners of the combined entity.

Representatives for San Francisco-based Getaround and InterPrivate II declined to comment.

InterPrivate II, led by Chairman and CEO Ahmed Fattouh and executive vice-presidents Brian Pham and Alan Pinto, raised about US$259 million in a March 2021 initial public offering (IPO). The first InterPrivate SPAC merged with Aeva Technologies, a laser-sensor startup founded by 2 ex-Apple engineers.

Founded in 2009 and launched in 2011, Getaround operates in 8 countries including the US, UK, France and Germany. The company, which asserts non-shared cars are idle 22 hours per day, has said it aims to reduce the number of vehicles on the road, which may limit carbon emissions and overall congestion.

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Its rival Turo, backed by IAC/InterActiveCorp among others, in January filed for an IPO. BLOOMBERG