Europe’s largest peer-to-peer car rental service Drivy acquires Buzzcar and raises €8m for international expansion
Drivy, the world’s leading peer-to-peer car rental company, has acquired challenger Buzzcar and raised €8m for international expansion from BPI’s Ecotechnologie Fund and Via-ID (Mobivia Group, former owner of Buzzcar) as well as early investors Index Ventures and Alven Capital. This third round of funding brings to €16 million the total amount raised by the company.
This is a true milestone for a startup that has managed, in just over four years, to aggregate 26,000 cars and 500,000 users in France alone. “Now we have the means to speed up a European expansion plan initiated last year in Germany with the imminent launch of Spain followed by a third country", says Paulin Dementhon, founder and CEO. “The new cash injection will also boost our R&D and innovation efforts to make our user’s experience ever more flexible and friction-free”.
The new investors certainly share his enthusiasm: “We are proud to help Drivy consolidate its leading position in car sharing and open up new growth opportunities through Buzzcar’s own assets, as well as obvious synergies with Mobivia’s European car maintenance businesses”, explains Yann Marteil, managing director of Via-ID and member of Mobivia Group’s executive committee.
“Drivy already boasts operational metrics close to that of traditional car rental giants”, adds Mathieu Rouget, investment director of the Ecotechnology Fund. “We are delighted to contribute to the success of a beautiful and promising French startup and its environmentally sound model: one single Drivy car replaces nine standard cars and reduces the need for eight parking spaces!”
Buzzcar CEO Nicolas Le Douarec also welcomes the merger: "In unity there is strength. The time has come for a genuine leader in our sector to emerge. Buzzcar’s 100,000 users, and 7,000 cars for rent as well as our team’s expertise and dedication are definite assets for Drivy to write the next chapter in peer-to-peer car rental history”.