Based in Paris
Virtuo, a startup positioning itself as an alternative to car ownership, raised $ 96 million by combining $ 60 million Series C funding and $ 36 million pan-European asset-based funding.
The Series C funding round was led by AXA Venture Partners with participation from Bpifrance, Alpha Intelligence Capital and H14 as well as existing investors Balderton Capital, Iris Capital and Raise Ventures. Patrimonial financing is provided by Natixis and several members of the Banque Populaire and Caisse d’Epargne Group.
Founded in 2016, Virtuo’s last funding round took place in 2019 and, with this funding, brings the total equity raised to nearly $ 100 million.
Virtuo says the new funding will be invested in developing its technology and to “launch new innovative services that will position its on-demand car service as a key alternative to car ownership.” The company also plans to accelerate its expansion across Europe and expand its fleet of electric vehicles.
Virtuo customers reserve and access their vehicles through the provider’s mobile app, with an offer currently available in cities across France, Spain and the UK. The company is also launching a vehicle delivery service, currently available in London, Paris and Madrid.
“Our ambition for Virtuo and our on-demand car service is to reinvent our relationship with the car, to offer all the benefits that the car can offer while using technology to lighten the physical burden”, explains Karim Kaddoura, co -Founder of Virtuo.
“We believe you should be able to access a car the same way you stream music or movies: the car should appear on demand when you need it, but disappear from view when you don’t. need. “
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Virtuo plans to expand to Milan later this month and Germany by 2022. The startup also aims to have 50% of its electric fleet by 2025 and 100% electric by 2030.
“The company offers a real alternative to private car ownership for city dwellers who want to use more sustainable shared mobility solutions. Born in the digital age, Virtuo’s 100% digital experience relies on powerful technology and artificial intelligence to optimize its operations. We are convinced that the mobility of tomorrow must be built around strong technology, in the face of new behaviors and with the freedom to choose a multimodal offer, ”says Caroline Lebel of Bpifrance.