Vistara Capital invests in car-sharing platform Getaround

Canadian growth investor Vistara Capital Partners, which raised its inaugural fund last year, has provided a growth capital facility to U.S. car-sharing marketplace Getaround Inc. No financial terms were released. San Francisco-based Getaround, founded in 2009, has developed connected car technology that enables on-demand rentals of automobiles from owners. Funds raised from Vistara will help the company to expand across the United States and in global markets. Getaround is backed by several venture capital investors, including Menlo VenturesTriangle Peak Partners and Cox Automotive.

PRESS RELEASE

Vistara Capital Announces Growth Capital Facility for Getaround Inc.

September 23, 2016

SAN FRANCISCO, CA and VANCOUVER, CANADA

Vistara Capital Partners (“Vistara”) announced that it has provided a growth capital facility to Getaround Inc., a rapidly expanding on-demand car-sharing marketplace. Getaround’s patented connected car technology, GetaroundConnectTM, creates a safe and seamless sharing experience, where members can conveniently rent nearby cars from owners who earn extra income by sharing vehicles of all types, offsetting the high cost of car ownership while making a positive impact on the environment.

With the model thriving in the company’s home market of San Francisco, Getaround has expanded to the Chicago, Portland, and Washington D.C. markets, and will be entering additional major U.S. and international markets in the near future. “Vistara is very pleased to partner with the team at Getaround, and support the company’s growth plans and key near term partnerships across the automotive spectrum,” says Randy Garg, Managing Partner at Vistara Capital Partners. “Getaround is ideally positioned to accelerate its market leading position in this exciting area of the sharing economy”.

Vistara structured a flexible growth capital solution that enhances Getaround’s continued geographic expansion and development of its innovative connected car technology. “The level of flexibility and responsiveness of the Vistara team has been tremendous, allowing us to continue executing on key growth initiatives and strategic catalysts for our business”, said Sam Zaid, CEO of Getaround.

Vistara joins an impressive group of venture investors in Getaround that includes Menlo Ventures, Triangle Peak Partners, and Cox Automotive, as well as a number of high profile angel investors.

For further details, please also visit: www.getaround.com/press

About Vistara Capital Partners
Vistara Capital Partners provides highly flexible Growth Debt & Growth Equity financing solutions to mid-later stage Technology companies across North America. Vistara’s typical investment size ranges from $5 million to $15 million per portfolio company. Managed and funded by seasoned technology finance and operating executives, “Vistara” (sanskrit for “Expansion”) is focused on enabling the growth and expansion of companies it partners with. For more information, please visit www.vistaracapital.com

Contact Information:
randy@vistaracapital.com or noah@vistaracapital.com
Tel: 604-449-5620

Photo courtesy of Getaround Inc