Drake Star Partners advises TravelCar, the Traveler-to-Traveler car rental service, on its €15M fundraising with MAIF Avenir, the corporate venture arm of major insurance group MAIF, and global car manufacturer PSA Group.
Founded in 2013, TravelCar allows travelers departing a city to rent out their vehicles to other incoming travelers, from dedicated parking lots. Vehicle-owners are granted free parking and compensated according to a model based on the miles driven by the renter. The service has already won over 300,000 users in 10 different countries.
“This significant funding round confirms TravelCar’s leadership position. It will allow us to launch the service in the United States and keep innovating to offer the best experience to our European customers” says Ahmed Mhiri, CEO of TravelCar.
“We are delighted to be advising TravelCar yet again, one of the most promising startups in the car-sharing market. This new fundraising round will enable the firm to scale up its operations and expand internationally,” announces Drake Star Partners.
Drake Star Partners adds: “This transaction showcases Drake Star Partners’ expertise for larger fundraisings: not only was it completed in record time, it also demonstrates Drake Star’s unequaled reach with large corporate investors.”
TravelCar is the world leader in traveler-to-traveler car-sharing services. TravelCar offers travelers free parking at airports, train stations, and city centers in exchange for renting their cars out to other customers. The car owner gets free parking, earns money with the rental while the renter pays low rates for a high-quality service. For car owners that prefer not to share their car, TravelCar also offers parking solutions that are 50% cheaper than official parking facilities. TravelCar brokers parking spots at an extensive network of parking facilities through travel agencies and its website travelcar.com. TravelCar was founded in 2012 in France and grew exponentially ever since. Present already in European countries, TravelCar is launching its operations in North America. TravelCar has more than 300,000 members, is available in 10 countries, and continues to expand worldwide.
For more info: www.travelcar.com
About MAIF Avenir
MAIF Avenir is a Corporate Venture Capital fund, which invests in three themes: innovation, digital, and the sharing economy. The fund is a tool that allows MAIF, via a portfolio of startups, to develop new services for its customers, to access new communities, new technologies, new platforms, to have a better understanding of the digital and innovate accordingly. MAIF Avenir is planning to invest €125M until 2018, or €30M per year on average. MAIF is a large French insurance group.
For more info: www.maif-avenir.fr
About PSA Group
Manufacturer of the three renowned car brands: Peugeot, Citroën, and DS, the PSA Group sold 3 million vehicles worldwide, and recorded revenues of €54Bn during 2015. PSA Group is the second-largest car manufacturer in Europe and a European leader in CO2 emissions, with an average of 104,4 grams of CO2/km in 2015. The firm is also a groundbreaker in the shared vehicle space, with 1.8 million connected vehicles on offer in the world. The Group’s activities extend to financing (Banque PSA Finance), as well as car equipment manufacturing (Faurecia).
For more info: www.groupe-psa.com
About Drake Star Partners