French car startup Drivy doubling rentals annually

French car rental start-up, Drivy is aiming to become the premier car rental marketplace throughout Europe and has raised €31m as part of its plans to expand internationally as well as enhancing its product development. Demand for private car rentals via the internet is soaring in France, Germany and Spain with launches planned for the UK and other European countries. The business has 850,000 customers and 1.4 million rental days so far, with insurance cover from Allianz. This number of rentals is forecast to double annually and Drivy will respond to the growth by investing in mobile apps and peer-to-peer marketplaces to deliver a user-friendly, flexible service and boost revenue.

Via Tech.eu

French startup Drivy wants to become the leading car rental marketplace in Europe, and has raised €31 million to make good on its plans through a boost in product development and further international expansion.

Drivy has already attracted 850,000 users across France, Germany and Spain, and plans to launch in a number of other European countries (including the UK) before the end of the year.

The fresh capital injection was led by Cathay Innovation and Nokia Growth Partners, with participation of early investors Bpifrance (through its Ecotechnologie Fund), Via-ID (Mobivia group) and Index Ventures. The round brings the total amount raised by Drivy since it was founded in 2010 to €47 million.

A few months ago, the startup launched 'Drivy Open', neat technology that enables drivers to open cars with their smartphones and carry out self-service rentals. Drivy says it will give priority to the deployment of the service in several major European cities in the coming months.

Paulin Dementhon, founder and CEO of Drivy, said: “Drivy combines the quality of car-sharing, user experience and the scale of peer-to-peer marketplaces, with 3-digits growth every year. We have met all conditions to accelerate international expansion - great apps, a worldwide insurance partnership, and a strong management team. We will also continue to reduce friction in the rental process thanks to mobile and telematics, with Drivy Open self-service rentals spearheading this effort."