Getaround joins the IPO via SPAC wagon

car sharing market Move plans to go public on the New York Stock Exchange through a special purpose acquisition company.

The company has agreed to merge with InterPrivate II Acquisition Corp with a valuation of $1.2 billion for the combined entity.

The business combination is expected to generate gross proceeds of between $225 million and $434 million.

“Getaround aims to empower people around the world to share cars and to make the sharing experience easier and more reliable through the use of digital and connected technology. Ultimately, our goal is to to make Getaround as convenient as owning a personal car, from an analog car rental experience to an all-digital, ‘keyless’ car-sharing experience,” says Sam Zaid, CEO of Getaround.

“The transaction with InterPrivate is critical to our long-term growth strategy. The proceeds will be used to pursue product innovation, to densify the digitally connected car offering in our existing markets, and to increase both diversity and the proximity of our cars and trucks to consumers We will also seek to bring our proven model to new markets, both domestic and overseas.

The transaction is expected to be finalized in the second half of 2022.

Getaround reported a gross booking value of $167 million in 2021 and $81 million in net market revenue.

The company, which claims to be available in 950 cities across eight countries, raised $300 million in funding in mid-2018, followed by $140 million in 2020.

It acquired rival car-sharing service Drivy for $300 million in 2019.