Gett CEO Dave (Shahar) Waiser image: Volkswagen

Ahead of a planned IPO, Uber rival Gett has raised $200 milion at a $1.5 billion valuation from existing investors, as confirmed by CEO Dave (Shahar) Waiser to TechCrunch. Waiser said this will likely be Gett’s last round before a public listing and also projected that the company will be operationally profitable — Ebitda positive and breakeven — by 2019 end. Gett is targeting an IPO by the first quarter of next year according to Waiser’s statement to TechCrunch.

With this round, Gett has now raised nearly $900 million in total equity and debt financing according to Crunchbase data. Notable investors in the Israeli company include Volkswagen, Access Industries, Kreos Capital, and Da Vinci Capital. Gett’s competitor, Uber is expected to go public soon and just recently nabbed a $500 million investment from PayPal.

Gett CEO Dave (Shahar) Waiser (left) and Volkswagen Chairman Matthias Müller. Volkswagen has invested more than $300 million in Gett but was said to have written down some value of its investment December last year. image: Volkswagen

Just like Gett, Uber is not currently profitable, with $1.8 billion losses on $11.27 billion in 2018 revenue.

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