Virtuo, the starting headquarters in Paris, raised € 20 million for the Series B financing. The round is supported by Iris Capital, Balderton Capital and Raise Ventures and will be used to grow further in the UK and other European countries.
Originally founded in France and available in 19 French and 2 Belgian locations, Virtuo launched in London last summer and says it plans to bring the service later this year to the British cities of Bristol, Edinburgh and Edinburgh.
The company is also expanding to Spain and Germany in 2019, creating what Virtuo claims to be a "real pan-European rental option" for drivers looking for an alternative to the five largest established car rental companies.
Designed to bring car rental into the mobile age and in turn improve the user experience. With the Virtuo app you can book a Mercedes A-class or GLA "in minutes" and unlock it at stations in the different cities where the company is active. times and heavy paperwork are often associated with renting a car.
Like an abundance of startups with mobility, the intention is to offer more options to a generation of non-car owners and in turn to creatively help a longer-term alternative to car ownership in general.
"Right from the start we have been new challengers in a sector that has been dominated for a long time by 5 major players, whose brick and mortar approach is deeply rooted, not only in terms of market coverage, but also consumer habits," Virtuo co-founder Karim Kaddoura tells me that.
"We were the first to come into this industry with the fundamental conviction that a 100 percent mobile approach is the only way to rebuild and reconsider how car rental can be brought to the ground … From an operational perspective, by not To be bound for bricks and mortar, we can launch stations, markets and services at a rate that has not been observed in industry before ".
Kaddoura says that Virtuo also takes a data-driven and customer-oriented approach to expanding its product, helps the company to innovate and improve every facet of renting a car. With this, Virtuo has collected 500,000 downloads of its app, which is popular with drivers between 25 and 35 years old.
I have also been told that the average number of days for each rental is 4, on average 325 miles per rental. Meanwhile, 80 percent of customers go for the compact A-class, while 20 percent take SUV.
"By constantly listening to customers' concerns about booking processes, damage reporting, refueling, communication and transparency, we can address these old problems in new ways with technology as a solution," he says. "The B series will play a key role in being able to offer greater availability in Europe and our existing markets".
Bernard Liautaud, managing partner of Balderton Capital, adds: "Technology in cars and other mobility areas evolves rapidly, due to environmental concerns and congestion." With these shifts, renting a car when and where you need it have an affordable alternative to buying, especially for younger people who have grown up when the sharing economy got off the ground ".