Uber Rival Gett Said to Seek Up to $400 Million in New Fundsby and
Funding round said to value company at as much as $2 billion
Company said to have hired Wells Fargo to find investors
Gett Inc., a taxi-ordering application that competes with Uber Technologies Inc., is seeking to raise $300 million to $400 million in a private-funding round, according to people familiar to the matter.
The company has hired Wells Fargo & Co. to find investors for the round, which could value the startup at as much as $2 billion, said the people, who asked not to be identified because the plans aren’t public. Gett’s plans for the financing aren’t final, they said.
Representatives for Gett and Wells Fargo declined to comment.
Gett is seeking to join the roster of similar services raising cash to keep pace with Uber, the world’s most valuable startup. Didi Kuaidi is seeking $1 billion to value the Chinese ride-hailing company at more than $20 billion, a person with knowledge of the matter said this month. Lyft Inc. recently closed a $1 billion round of financing, pegging its worth at $5.5 billion.
Gett, based in Tel Aviv, has offered rides for as low as $1 and expanded its services to include deliveries of goods. Gett’s corporate user base has grown to more than 2,500 businesses, up from about 1,500 since the company last raised $150 million in 2014.
Founded in 2010, Gett operates in 57 cities including New York, London, Moscow and Tel Aviv and has raised a total of $207 million, according to its website. Investors include billionaire Len Blavatnik’s Access Industries and Swedish fund manager Vostok Nafta Investment Ltd.