Carsharer Virtuo raises $ 96M – Rental operations
Virtuo, a France-based carsharing startup, has raised $ 96 million to invest in its technology and expand into more European markets, according to a report from Tech Crunch.
The online carsharing company is receiving $ 60 million Series C and $ 36 million in asset financing, with AXA Venture Partners leading the round, according to the report.
Virtuo’s technology allows users to rent a vehicle through its app with the option to have the vehicle delivered or collected, the report says. Users can rent vehicles for a few days or up to a few months.
Currently, the company is established in France, United Kingdom and Spain. Outside of France, the Mercedes Benz Class A or the Mercedes GLA SUV are the only models available for rental. Other vehicles at its French sites include the BMW X1, Hyundai Kona Electric, Peugeot 208 and Fiat 500X.
With the funding, Virtuo plans to expand to Milan and Germany soon in 2022. The company hopes to expand to 10 more countries by 2025, Karim Kaddoura, co-founder of Virtuo, told Tech Crunch.