“Round round get around
I get around
Get around round round I get around
I get around
Get around round round I get around
From town to town
Get around round round I get around
Im a real cool head
Get around round round I get around
Im makin real good bread”

-Beach Boys, Get around

“Aw, I get around

Stll clown with the Underground,

Stronger than ever

…You ask “Why?” Don’t matter! My pockets got fatter

Now everybody’s looking for the latter

And ain’t no need in being greedy

…I get around!”

-Digital Underground and Tupac, I Get Around

I’m very pleased to announce that Menlo Ventures is leading a $13.9 Series A funding in Getaround, the leading peer-to-peer social car sharing service that is revolutionizing the car rental market. A market that is in dire need of innovation and fresh thinking.  Most cars are only used 8% of the time. This is incredible waste happening each and every day across the world, and Getaround solves this problem beautifully. Every time I’ve rented a car using the traditional rental services I have had frustrating experiences and way too much friction in the process. Match that against my experiences with Getaround, and it’s no contest. 

When I met the team behind Getaround, founders Sam Zaid, Jessica Scorpio and Elliot Kroo, I knew they were the ones to tackle this inefficient market. They had fresh, new ideas and were tapping into the emerging best practices in the collaborative consumption space tackling excess capacity issues. The car rental space is ripe for disruption. I believe that Getaround will eat the market. A market that hit a record $22.4B last year and an average $1,060 per unit. An average owner makes $350 renting their car through Getaround, and not surprisingly – the team has signed up over 10,000 cars across the country. To put that number into perspective, it took Zipcar 12 years to reach 8,000 cars.

Incredibly, I put my 2 cars on Getaround’s new Getaway service and I made $2000 in one month. This was extra income I made on 2 cars I had sitting idle (Rent my cars on Getaround here- Cayenne S : www.getaround.com/midnightmarina and Prius: www.getaround.com/blackjack).  Getaway is a brand new service – one that is fresh to the market and never been done before.  People will love how they won’t even have to lift a finger – and watch their bank account begin to collect new income they never had before. Whether someone is going away on a long trip or off to college, Getaround will manage someone’s car full-time with an owner making an average of $1000 each month. Yes, I said $1000.

Over 4 years, I identified collaborative consumption and excess capacity solutions as a very exciting new area and did my first angel investment in the space in TaskRabbit- which was tackling excess capacity in the labor force and finding ways for people to make extra income doing tasks for others. I loved the service and the founder. Since then I’ve invested in more startups in this space both personally as an angel and more recently at Menlo Ventures where we invested over $20m leading the Series B round in Uber, the on-demand private car service that is growing faster than anything I’ve ever seen.  From Cherry, Taskrabbit, Exec, Postmates, Orderahead and Greenjet (launching soon), this is a space I deeply believe in.  Menlo, with Uber, Getaround, Orderahead, Exec and UrbanSitter, has deep faith in this emerging market and we are putting our invesments to work to because we believe that helping accelerate growth in this market can actually transform our world.

 The numbers don’t lie. On Airbnb alone over 10m nights have been booked. On Couchsurfing more than 4.5m people in the Couchsurfing community are booking rooms all over the world in other Couchsurfer’s homes. On Taskrabbit the average Taskrabbiter is making over $15,000 a year. The most common task? Assembling Ikea furntiture (I totally need help on that!). The average amount a New Yorker makes on Airbnb is $21,000.  Uber drivers are making thousands of dollars a month driving on Uber.

This is a revolution that has been untapped in our economy. It is in it’s nascent stages and has really begun to scale in the last 24 months. I deeply believe that these companies will transform our cities, fight underemployment and unemployment, help uncover areas where corruption and innovation have been choking our cities and regions with inefficiencies.

 There are tremendous markets filled with inefficiencies, friction, excessive capacity, wasted resources and waste that help lead to poor customer experiences. Many times, these old services only survive in these markets with such poor customer facing solutions due to the twins of corruption and regulations that prop up entrenched operators with no incentive or will to invest in any kind of innovation on behalf of their customers, their cities or their industries.

A crop of young entrepreneurs have rise in the last few years armed with smartphones platforms like iOS and Android and they are applying their creative ideas in the real world. Getaround is one of these amazing teams.

 They are tackling waste. Not everyone needs to own a car. So if you have an underutilized car,  sign up with Getaround. Next time you want to rent a car rent use Getaround.

Let’s go out there and start getting around!  

-Shervin Pishevar

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