Paris-based car-on-demand service Virtuo has raised $60 million in a Series C round led by AXA Venture Partners. Naturally, the ubiquitous Bpifrance participated alongside Alpha Intelligence Capital and H14, as well as existing investors Balderton Capital, Iris Capital, and Raise Ventures. Adding a cherry on top of the $60 million sundae, Natixis and several members of the Banque Populaire and Caisse d'Epargne Group have granted Virtuo debt funding of $36 million, bringing this new round of financing to $96 million.
Virtuo is reporting that the raise will go towards further technical innovation, new product services, and notably, towards the electrification of the fleet.
Founded in 2015 by Karim Kaddoura and Thibault Chassagne, Virtuo’s raison d'être is to turn the car rental industry on it’s head. With long waiting times, mountains of paperwork (we’ve ALL see that receipt, haven’t we?), and last but not least those oh-so-hidden fees, the duo knew things could be done differently.
With an all-digital app experience, Virtuo focuses on understanding and developing a product that caters to a new generation of drivers, primarily urban dwellers in France, Spain, and the UK who want a convenient way to get away, but not the headache of actually owning a car.
“Our vision is that our car-on-demand service should support a new social contract between city dwellers and the car, where they benefit from the freedom a car brings but without the burden on our cities and the environment,” comment Kaddoura and Chassagne. “At Virtuo, we want to put cars in people's pockets, not on city streets.”
A portion of the €80 million now lining the coffers at Virtuo is specifically slated to be used towards further electrification of its fleet. The company is aiming to electrify 50% of its inventory by 2025 and a 100% electric fleet by 2030.
“Virtuo has quickly become a tech leader disrupting the car rental space, with a clear long-term vision and strong ambitions for growth into new markets,” comments AXA Venture Partners’ Benoit Fosseprez. “We have been impressed by the Virtuo team and look forward to working closely together on the next stages of their development.”