Cathay Capital Private Equity and Nokia Growth Partners have led a US$35 million investment round in Drivy, Europe’s largest car rental marketplace with 850,000 users across France, Germany and Spain, says a company announcement.
Existing investors Bpifrance’s Ecotechnologie Fund, Via-ID (Mobivia group) and Index Venture also participated.
The latest fundraising brings the total amount raised by the company to US$54 million, and will be used for further international expansion, product innovation and to grow the team across Europe.
"Drivy is undoubtedly the most promising company in the peer-to-peer car hire industry worldwide," says Cai Ming-Po, president of Cathay Capital.
Founded in France in 2010, Drivy has experienced year-on-year growth of over 100%. So far, 1,4 million days of rentals have been completed with Drivy.
The service makes it quick and easy for drivers to rent a car from nearby car owners any time.
Cathay Capital is investing through its Cathay Innovation fund, an investment vehicle it co-founded to support digital entrepreneurs to expand globally.