Carsharing SPAC Getaround lays off 10% of staff

News Summary

  • By the end of Q3, Getaround had $27.2 million in cash to play around with.The merger would have brought the company another $228 million of gross proceeds to stay in operation and achieve its next phase of growth.
  • The layoffs are part of a restructure aimed to put Getaround on the path to “sustainable profitability and long-term growth,” the company said in a statement.Per LinkedIn, Getaround has 421 employees, so the staff cuts should affect around 42 employees.
  • The company reported $45 million in revenue for the same period, which is a decrease from $48 million the year prior.
  • Regulatory filings show Getaround’s cash burn in the first nine months of 2022 was $63.2 million.
  • Peer-to-peer car-sharing company Getaround is laying off 10% of staff starting Thursday.
Peertopeer carsharing company Getaround is laying off 10% of staff starting Thursday. The layoffs are part of a restructure aimed to put Getaround on the path to sustainable profitability and lon [+1967 chars]