Israeli taxi hailing app Gett is close to a SPAC merger at a valuation of $1.1 billion, people familiar with the matter have told “The Wall Street Journal.” The sources told the newspaper that Gett is close to a deal with Rosecliff Acquisition I, a SPAC backed by the investment firm Rosecliff Venture Management.
Gett has raised $850 million since it was founded including $300 million from Volkswagen. The company raised $100 million in July 2020 at a company valuation of $1.5 billion. The company has had a positive cash flow since the end of 2019 but its valuation has fallen over recent quarters.
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Gett’s main markets are in the UK, Israel and Russia after closing its Juno ridesharing unit in New York in 2019.
Published by Globes, Israel business news – en.globes.co.il – on November 10, 2021.
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