Horizon Technology Finance Provides $25 Million Venture Loan Facility to Getaround
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a $25 million venture loan facility to Getaround, Inc., a leader in peer-to-peer car sharing. Getaround aims to disrupt the $100 billion global rental market by allowing individuals to share their vehicles. The funding will be used for general working capital as Getaround continues its expansion across over 300 cities in the U.S. and Europe. Horizon's support highlights its confidence in Getaround's innovative technology and growth potential in mobility.
- Horizon provided a $25 million venture loan facility to Getaround, supporting its growth.
- Getaround operates in a $100 billion global rental market, indicating significant potential for return.
- Getaround's platform allows users to share cars, tapping into idle vehicle time and enhancing mobility options.
- None.
FARMINGTON, Conn., Nov. 12, 2020 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has provided a
Getaround provides a peer-to-peer car sharing platform where individuals can share their car by the day or the hour, tapping into the 22+ hours per day most cars sit idle and disrupting the
"Getaround is changing the way people think about renting and sharing cars through their seamless and easy-to-use technology platform," said Gerald A. Michaud, President of Horizon. "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. We are excited to support Getaround as they progress toward becoming a global leader in mobility."
"We are very appreciative of Horizon's support and confidence in Getaround being the future of mobility," said Sam Zaid, Founder and Chief Executive Officer at Getaround. "Our pioneering contactless solution enables people across the globe to carshare safely during the pandemic. Horizon's investment will help us further accelerate our growth."
Armentum Partners served as financial advisor to Getaround in connection with this financing.
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
About Getaround, Inc.
Getaround empowers people to instantly access and drive great cars shared by people in their city. Cars can be rented by the hour, or the day, with insurance included. By using the Getaround app, people skip the lines and paperwork at traditional rental car counters, and the hassle of buying and maintaining a car.
Powered by Getaround ConnectⓇ, the proprietary connected car technology, Getaround creates a fun and safe carsharing experience without the need to meet the car owner, carry an access card, or coordinate picking up a car key. People share everything from a Prius to a Tesla and earn up to thousands in extra income each year, offsetting the high cost of car ownership while also making a positive impact on the environment.
Headquartered in San Francisco, Getaround is the world's largest connected carsharing marketplace with thousands of cars available in over 300 cities across the U.S. and Europe. For more information visit Getaround.com, download the iPhone or Android app, like on Facebook, and follow on Instagram and Twitter.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts:
Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
View original content:http://www.prnewswire.com/news-releases/horizon-technology-finance-provides-25-million-venture-loan-facility-to-getaround-301172251.html
SOURCE Horizon Technology Finance Corporation
FAQ
What is the amount of the loan provided by Horizon to Getaround?
What will Getaround do with the loan proceeds from Horizon?
How many cities does Getaround operate in?
What market is Getaround aiming to disrupt?
What does Horizon do as a specialty finance company?
