SoftBank Invests $300 Million in Car-Share Start-Up Getaround
*By Michael Teich*
Car-sharing app Getaround is sitting on a new pile of cash after Japanese conglomerate SoftBank led a $300 million funding round, an infusion that Getaround founder and CEO Sam Zaid said will allow his company to expand beyond the borders of the U.S.
The expertise of SoftBank ー which has made investments in Uber and Chinese ride-share company Didi Chuxing ー is crucial, Zaid said Wednesday in an interview on Cheddar.
"SoftBank is a very seasoned mobility investor," Zaid said. "They had been looking at this space for some time. When we approached them and started discussing, we really felt there was a meeting of the minds around, you know, what the future of transportation looks like and where Getaround fits in that."
Getaround's new funding, though, doesn't erase the harsh reality that the so-called "Airbnb of cars" faces: competition from the likes of ZipCar, Turo, and even General Motors subsidiary Maven.
Zaid said his San Francisco-based company has an edge because users share their own cars.
"We don't own the cars. It's really about driving efficiency and helping people offset the cost of ownership and moving away from everybody having to own a car," he said.
But various aspects of the "sharing economy" have caught the attention of city regulators. The New York City Council recently passed a bill to restrict short-term property rental services like Airbnb. Uber and Lyft also found themselves in the cross-hairs of local lawmakers when the city council put a cap on the number of ride-sharing vehicles in the Big Apple.
All that aside, Zaid is confident Getaround will avoid the pressure from regulators, largely because his company's interests align with local lawmakers.
"Cities are very pro car-sharing. We reduce car ownership, so we reduce congestion, which is a big problem for cities," he said.
Getaround's latest Series D funding brings the company's total capital raise to $400 million since its 2010 launch.
For full interview [click here] (https://cheddar.com/videos/getaround-ceo-says-softbank-deal-to-fuel-global-expansion).
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
