Russia’s Sberbank stated it signed a $100 million seven-year venture loan contract for Gett, an on-demand mobility firm operating in Russia, the United States, United Kingdom and Israel.
The funds will be utilized to fund Gett’s organisation growth, and Sberbank will hold options linked to Gett stock.
Igor Bulantsev, acting head of Sberbank’s business and financial investment banking service, stated the opportunity to finance a substantial “digital business” was especially essential for the bank’s strategy.
This venture loan was the first of its type for Sberbank.
Established in 2010, Gett’s innovation makes it possible for customers and businesses to quickly book on-demand transportation and shipment services. Earlier this year, Gett, formerly Get Taxi, revealed a $300 million strategic financial investment from Volkswagen, bringing overall funds raised by Gett to over $640 million.
