Getaround secures $20 million debt facility, reports Q3 revenue growth

SAN FRANCISCO – Peer-to-peer car-sharing company Getaround has secured a new $20 million debt facility with Mudrick Capital Management, which includes an initial drawdown of $5 million. This financial move comes alongside the announcement of a significant growth in the company’s third-quarter revenue, which saw a 42% increase.

The funding agreement has also led to a strategic change in Getaround’s board composition, with Jason Mudrick, founder of Mudrick Capital Management, joining the board following the financing deal.

In addition to the financial developments, Getaround is currently in the process of integrating HyreCar into its platform, aiming to complete this expansion in 2024. The company’s leadership has expressed strong confidence in the future, issuing forward-looking statements that highlight the potential for continued growth despite the risks inherent in the business.

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