Swiss car subscription service Carvolution secures €25M to expand fleet

Carvolution, a Swiss car subscription platform, secures €25M for growth and fleet expansion.
Swiss car subscription service Carvolution secures €25M to expand fleet

Swiss car subscription platform Carvolution has secured €25 million in working capital provided by Zuger Kantonalbank. According to Carvolution, the funds will be used to expand its fleet of vehicles and accelerate growth.

Self-billed as a next-generation mobility services provider, Carvolution says that it enables consumers to choose their dream car as a convenient monthly subscription service instead of a long-term commitment.
In line with a number of competitors, Carvolution offers customers a one-stop-shop when it comes to getting on the road, including insurance and maintenance options.

"Alternatives to car purchase and leasing are becoming increasingly important,” commented Zuger Kantonalbank’s Martin Neuhaus. “Carvolution's car subscription concept has proven itself in recent years and offers further growth potential."

Founded in 2018, Including this debt facility Carvolution has raised approximately €69 million and is backed by Redalpine, Armada Ventures, Ringier Digital Ventures, Die Mobiliar, Avaloq founder Francisco Fernandez, and Loanbox founder Stefan Muehlemann.

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