| 10:23 AM EST

Car-Sharing Giant Getaround Buys Rival Drivy

San Francisco-based Getaround Inc. is acquiring European rival Drivy in a $300 million deal that will create the world's largest car-sharing service.
#europe #Toyota

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San Francisco-based Getaround Inc. is acquiring European rival Drivy in a $300 million deal that will create the world's largest car-sharing service.

Each company has about 2.5 million members, with Getaround focusing on the U.S. and Drivy on Europe. The combined operations will cover more than 300 cities in the two regions.

The peer-to-peer platforms allow members to rent vehicles from each other on an hourly or daily basis. Rates include insurance and roadside assistance. Renters can access vehicles via digital key technology, which simplifies the pickup/drop-off process.

Paulin Dementhon, who co-founded Drivy in 2010, will oversee the combined company’s operations in Europe. The U.S. operations will be headed by Getaround CEO Sam Zaid, who launched that company in 2011.

Getaround’s investors include SoftBank and Toyota.

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