Virtuo, the Paris-based automotive rental start-up, has raised 20 million euros in Collection B financing. The spherical is backed by Iris Capital, Balderton Capital and Elevate Ventures and shall be used to pursue its growth in the UK and different European nations.
Based in France and out there in 19 places of work in France and at two websites in Belgium, Virtuo was inaugurated in London final summer season and plans to supply this service within the British cities of Manchester. , Bristol and Edinburgh on the finish of the yr.
The corporate may also increase to Spain and Germany in 2019, creating what Virtuo claims to be a "really pan-European rental choice" for drivers searching for an alternative choice to the 5 largest automotive rental firms in place.
The Virtuo software permits you to ebook and unlock a "Class A" or GLA "in minutes" within the stations of the varied cities served by the corporate. Remove the lengthy ready occasions and the pink tape usually related to renting a automotive.
Like a plethora of mobility sector startups, the thought is to offer extra choices to a era of non-car house owners and thereby assist create a extra sustainable various to proudly owning vehicles. 'a automotive.
"From the start, we’ve been new opponents in an trade lengthy dominated by 5 key gamers, whose fundamental method is deeply rooted, not solely by way of market protection, but in addition rental housing, "The co-founder of Virtuo, Karim Kaddoura, tells me.
"We had been the primary to enter this sector with the basic perception 100% cell method is the one technique to rebuild and rethink the best way the automotive rent may be delivered from the bottom … From an operational standpoint, not being associated to bricks and mortar, we’re in a position to launch stations, markets and providers at a tempo by no means earlier than seen on this planet. trade ".
Kaddoura says that Virtuo additionally takes a data-driven and customer-driven method to creating its product, serving to the corporate innovate and enhance each facet of automotive rental. Virtuo has recorded 500,000 downloads of its software, a lot appreciated by drivers aged 25 to 35 years.
I’m additionally instructed that the typical variety of days per rental is 4, a mean of 325 miles per rental. On the identical time, 80% of shoppers go for compact Class A, whereas 20% use the SUV.
"By consistently listening to buyer points relating to reserving processes, harm reporting, refueling, communication and transparency, we will resolve these long-standing issues in a brand new manner, with know-how like resolution, "he explains. "The B-Collection will play a significant function in offering better availability in Europe and our current markets".
Bernard Liautaud, managing companion of Balderton Capital, stated: "Know-how in vehicles and different areas of mobility is altering quickly, as a consequence of environmental issues and congestion. Given these modifications, renting a automotive in keeping with your wants is changing into a viable various to purchasing, particularly for the youngest, who’ve reached maturity by the point the automotive is over. collaborative financial system has taken off. "