Private Equity Managers : Volkswagen Group and Gett announce the establishment of a strategic partnership together with an investment of $300M to fuel Gett’s rapid growth.

Volkswagen Group and Gett announce the establishment of a strategic partnership together with an investment of $300M to fuel Gett's rapid growth.

Gett, a global on-demand mobility company, today announced a $300M strategic investment from the Volkswagen Group, bringing total funds raised by Gett to over $520M.

VW has made the investment as part of its strategy to generate a substantial share of its future sales revenue from new business models focused on mobility services.

#1 in Europe, Gett is available in more than 60 cities worldwide, including London, Moscow and NYC. In London alone, half of all black cabs use Gett. With revenues of $500M, Gett is already profitable in its early markets.

'We are thrilled to partner with VW, the #1 global car manufacturer,' said Shahar Waiser, Gett's founder and CEO. 'With VW's investment, Gett will now accelerate its expansion to the rest of Europe and the US beyond NYC, where we already operate.'

Gett's technology covers ondemand transportation, delivery and logistics. Constantly evolving, the technology leverages big data, cuttingedge predictive algorithms, and artificial intelligence. It therefore serves as the foundation for the operation of ondemand autonomous cars.

Uniquely, Gett is equally successful with consumers and businesses. 'Our B2B offer is just as strong,' added Mr. Waiser. 'We are trusted by more than 4,000 leading corporations worldwide, deriving 30% of our revenues from business clients.'

Regarding the agreement with VW, Mr. Waiser commented:

'Volkswagen Group and Gett is a great strategic partnership. On-demand ride booking is growing rapidly. In that context, Gett provides VW with the technology to expand beyond car ownership to ondemand mobility for consumers. Further, both companies are equally successful with consumers and businesses; VW will now be able to expand its leadership position by also offering ondemand rides in the B2B market.'

'Gett's focus on profitability and disciplined approach to growth aligns well with VW's own philosophy,' concluded Mr. Waiser.

'Alongside our pioneering role in the automotive business, we aim to become one of the world's leading mobility providers by 2025,' said Matthias Müller, Chairman of the Board of Management of Volkswagen Aktiengesellschaft. 'Within the framework of the Group's new strategy, this cooperation marks a major milestone for Volkswagen AG on the road to providing integrated mobility solutions that spotlight customers and their mobility needs.'

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Gett: Gett is an ondemand mobility company, changing how people move around and Gett things. #1 in Europe, Gett is available in more than 60 cities worldwide, including London, Moscow, and NYC. Gett's technology enables consumers to instantly book ondemand transportation, delivery, and logistics. Gett has raised over $520 million in venture funding, and was selected by Forbes as one of the 'top 15 explosively growing companies'.

Volkswagen Group: The Volkswagen Group with its headquarters in Wolfsburg is one of the world's leading automobile manufacturers and the largest carmaker in Europe. In 2015 the Volkswagen Group delivered globally 9.931 million vehicles to customers. The share of the world passenger car market amounts to 12.3 percent and in Western Europe, nearly one in four new cars (24.4 percent) is made by the Volkswagen Group. The Group comprises twelve brands from seven European countries: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN.