Gett revenue totals $1b, seeks profitability in 2019, investor says
Stockholm-listed investor Vostok New Ventures says the ride-sharing firm performs 100 million rides per year globally
Shoshanna Solomon was The Times of Israel's Startups and Business reporter
Israel-based ride-sharing app Gett generated some $1 billion in revenues from its services, half of them from its activities in New York and London, Stockholm-listed investor Vostok New Ventures Ltd. said in a filing.
In its financial report for the second quarter and the first six months of the year, Vostock, which holds a stake in Gett, said that Gett performs 100 million rides per year globally, and is aiming to become profitable in every market in the first quarter of 2019.
Founded in 2010, Gett has raised some $700 million to date, according to Start-Up Nation Central which tracks Israel’s tech industry. In its funding round in June, the firm raised $80 million from investors including Volkswagen and Vostok New Ventures. The round valued Gett at $1.4 billion, the filing said.
Gett US, operating under the Juno brand, showed “tremendous growth in the past year,” the filing said. To date, more than 50 percent of New York City taxi drivers have signed up with Juno — some 45,000 out of 80,000 drivers. Gett US (Juno) expects to be operationally profitable next year, the filing said.
Vostok held a 5.6% stake in Gett as of end June 2018, according to the filing, which valued the fund’s investment in Gett at $55.5 million.
