This column would I would like to apologize for somehow missing the build up to Getting around‘s SPAC combination, that was voted yesterday and started trading this morning. I don’t know how we got so far behind on this particular piece of news, but we’ll rectify our delay today.
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Getaround allows consumers to rent cars from each other, reducing transactions. As you can imagine, it’s a marketplace-style business. And it was a venture capital sweetheart, raising hundreds of millions of dollars while private, including a $200 million round in 2019 and another $140 million in 2020.
It had a turbulent early COVID period, but has since managed to announce and close a combination with a dedicated acquisition company.
The early direction of Getaround’s stock after the deal closed and it started trading below the “GETR” ticker symbol was sharply negative. Indeed, in the first moments of trading under its own name, Getaround lost about 65% of its value. It is now trading at about $3 a share.
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