Gett seeks to raise $700m - report

Gett CEO Shahar Waiser Photo: PR

The Israeli taxi hailing app company has hired Wells Fargo and Credit Suisse to help raise new funds, "Bloomberg" reports.

Israeli taxi-hailing app Gett is looking to raise up to $700 million in order to expand, "according to people familiar with the plans," "Bloomberg" reports. The Tel Aviv-based company has hired Wells Fargo & Co. and Credit Suisse to help raise the capital, "said the people, who asked not to be identified because the plans aren’t public."

Last week, Gett (formerly GetTaxi) acquired New York rival Juno for $200 million and following the purchase founder and CEO David Waiser said that his company would be looking to raise more money this year. Nevertheless, a substantial amount of the acquisition of Juno will reportedly be in shares rather than cash.

Last year Gett raised $300 million at a company value of $1 billion but sources told "Bloomberg" that the company now sees itself being worth more than $2 billion. Such a valuation would make Gett, Israel's most valuable startup.

Gett has raised well over $500 million since its inception and other major investors include billionaire Len Blavatnik's Access Industries and Swedish fund manager Vostok Nafta Investment Ltd.

Gett operates in around 100 cities globally, including New York, Moscow, London and throughout the UK as well cities in its home base of Israel.

Published by Globes [online], Israel business news - www.globes-online.com - on April 30, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Gett CEO Shahar Waiser Photo: PR
Gett CEO Shahar Waiser Photo: PR
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