June 7, 2018 / 10:17 AM / 6 months ago

Ride hailing firm Gett to raise $350 mln -media

TEL AVIV, June 7 (Reuters) - Israel-based ride sharing app Gett is in the process of raising $350 million after plans to raise a larger sum of money did not pan out, Israeli news website Calcalist reported on Thursday.

Calcalist, a leading financial daily in Israel, reported that one reason Gett has had some trouble attracting investors is due to its relatively high valuation of $2 billion.

Gett Chief Executive Dave Waiser, asked about the Calcalist report on the sidelines of a Techcrunch conference, declined to comment.

Gett, according to its website, has raised to date $640 million, including a $300 million investment from Volkswagen in 2016. At the time Gett was valued at about $1 billion, Calcalist reported.

Last year Gett bought U.S. rival Juno for $200 million.

The Gett app lets customers book on-demand rides or pre-book rides for later. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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