Drivy, one of Europe’s leading P2P car rental companies have closed a series C of €31 million.
The fresh investment will go to further expansion in Europe and the rest of the world, but also to develop their technology.
The latest round was mainly led by Cathay Innovation and Nokia Growth Partner, but also already existing shareholders have participated, such as Index Ventures, Via-ID and BPI Ecotehnologie Fund.
Strong Spanish growth
Drivy explains that they aim, with the new funding, to be operating in three new countries in Europe by 2016.
The company was founded in France in 2010 by Paulin Dementhon, and operates today in Spain, Germany and France.
It’s more or less exactly one year since they closed their B-round of €8,6 million, and have, according to themselves managed to grow to become the market leader in Germany.
In Spain, they’ve experienced high growth with up to 200% growth in adding new vehicles to the rental service. With their Spanish headquarters in Barcelona, Drivy has over 10.000 users in the country and 1.000 cars available for renting.
They also note that the goal for Spain will be to grow their fleet to 3.000 cars by the end of the year.
“Full throttle in Spain”
Jaume Sunol, Country Manager of Drivy Spain explains that even thought Drivy is expanding to new countries, this investment will benefit the Spanish market as well:
“For us, this round of funding means putting the throttle into the Spanish market expansion and deliver greater coverage throughout the territory. One of the main features of Drivy is its capillarity, which allows to develop the business in places where there wasn’t the possibility of renting a car before”
One of drivy’s investors, Ming-Po Cai, President of Cathay Capital said this of his faith in the car-rental marketplace:
“Drivy is undoubtedly the most promising company in the rental industry of private cars internationally”
In total Drivy has a fleet of 36.000 cars and around 850.000 users across three countries.