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November 13, 2020

Horizon loans $25M to car-sharing platform

HBJ File Photo Gerald A. Michaud, president of Horizon Technology Finance Corp.
By Matt Pilon

Farmington-based Horizon Technology Finance Corp. said it’s extended a $25 million venture loan to the peer-to-peer vehicle sharing service Getaround.

Competing with the likes of Zipcar and other services, San Francisco-based Getaround’s mobile app and website allow users to secure short-term rentals of nearby cars whose owners aren’t using them.

Horizon said Getaround will use the loan for general working capital purposes.

"Getaround is changing the way people think about renting and sharing cars through their seamless and easy-to-use technology platform," Horizon President Gerald A. Michaud said in a statement. "They have done an excellent job adapting to the current challenging environment and their innovative technology leaves them poised to embark on their next phase of growth.”

The loan follows Getaround’s $140 million Series E round in October, which came after pandemic-related layoffs at the company, according to TechCrunch

Getaround says its service is available in more than 300 U.S. and European cities. Its website didn’t appear to have any vehicles listed in Connecticut on Friday, but there were many in Boston and New York.

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