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Home / SmartTech / Automotive Startup Virtuo Brings 20 Million € Series B – TechCrunch

Automotive Startup Virtuo Brings 20 Million € Series B – TechCrunch



Virtuo, the Paris-based car rental company based in Paris, has raised € 20 million in Series B. The round will be supported by Iris Capital, Balderton Capital and Raise Ventures and will continue to expand in the UK and other European countries.

Originally founded in France and available in 19 French and two Belgian locations, Virtuo launched in London last summer, and says it will offer the service in the UK cities of Manchester, Bristol and Edinburgh later this year.

The company will also expand to Spain and Germany in 2019, calling Virtuus claims pan-European rental option "really" for drivers looking for an alternative to the five major established car rental companies.

The Virtuo app is designed to bring car rentals into the mobile age and enhance the user experience. Unlock a Mercedes A-Class or GLA "in minutes" at stations in the different cities where the company operates. This avoids long waiting times and tedious paperwork that is often associated with hiring a car.

For startups of mobility companies, the idea is to give more options to a generation of non-vehicle owners and give creativity a more long-term alternative to car ownership.

"From the beginning, we were new challengers in an industry. This has long been dominated by 5 major players whose brick and mortar approach is deeply rooted, not only in terms of market coverage but also consumer lifestyles" The Virtuo co-founder Karim Kaddoura The first to come into this industry, with the fundamental belief that a 1

00 percent mobile approach is the only way to rebuild and reconsider how a car rental can be offered from scratch mortar we are able to bring stations, markets and services to market at a pace not previously common in the industry. "

Kaddoura says that Virtuo is developing a data-driven and customer-centric approach to the development of its product that allows you to innovate and improve every aspect of vehicle rental. Virtuo received 500,000 downloads of its app, which is popular with drivers between 25 and 35 years.

I also said that the average number of days per rental is 4, which is an average of 325 miles per rental. Meanwhile, 80 percent of customers opt for the compact A-Class and 20 percent for SUV.

"By constantly listening to customer issues around booking processes, claim reporting, refueling, communication and transparency, we can solve these issues in a new way with technology as a solution," he says. "Series B will play a key role in ensuring greater availability in Europe and in our existing markets."

Bernard Liautaud, Managing Partner of Balderton Capital, adds: "The technology in the automobile and other areas of mobility is developing rapidly due to concerns about the environment and congestion." In view of these shifts, renting a car as needed will increase a viable alternative to buying, especially for younger people who have come of age since the beginning of the sharing economy. "


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