Virtuo, a French-based car rental start-up, has raised €80 million in a series C funding round. The funding round was led by AXA Venture Partners, along with Large Venture (Bpifrance), Alpha Intelligence Capital, H14, Balderton Capital, Iris Capital, and Raise Ventures. The funding includes €50 million in equity investment and a €30 million financing line.
Virtuo, which was founded in 2016 by Karim Kaddoura and Thibault Chassagne, offers a 100% digital experience for long-term car rentals through its mobile application. The start-up currently has 150,000 users and is present in over 20 cities across France, the UK, and Spain. Virtuo plans to expand into Italy and Germany in the coming months and aims to be present in 10 European countries by the end of 2023.
The funding will enable Virtuo to further invest in research and development and to electrify its fleet of vehicles to offer a 100% electric service by 2030.
AXA Venture Partners, the lead investor in this funding round, is a venture capital firm that invests in innovative companies across various sectors, including enterprise software, fintech, and healthcare. Large Venture (Bpifrance) is a French investment fund that supports innovative start-ups and mid-sized companies.
Alpha Intelligence Capital is a venture capital firm specializing in AI and big data investments, while H14 invests in technology start-ups. Balderton Capital is a venture capital firm investing in early-stage technology companies across Europe. Iris Capital is a venture capital firm that invests in digital startups in Europe and the United States, and Raise Ventures is a French venture capital firm that supports early-stage start-ups in various sectors.
Overall, this funding round highlights the growing interest in the car rental industry and the potential of digital platforms to transform the sector. Virtuo's focus on sustainability and innovation positions them as a key player in the industry as they continue to expand their services across Europe.