Virtuo, the leading start-up in Europe for 100% mobile car leasing, raises €7.5m from Balderton Capital
Paris, 14th September 2017
Virtuo has raised €7.5m (£6.8m) in a new funding round with Balderton Capital, one of Europe’s most active early stage investors.
Launched in April 2016, Virtuo is the only car rental service in Europe that is 100% mobile. Available in airports and railway stations in Paris, Virtuo has rapidly expanded in France in 2016 and 2017, offering its service at transport hubs in towns and cities with significant touristic traffic, like Nice Airport, Avignon or Aix-en-Provence railway stations.
Virtuo has experienced a high level of growth in the last year, with more than 6 million kilometres travelled by customers who are able to rent a car, at any time, with only a few clicks of a smart phone.
With funding from Balderton Capital, based in London, Virtuo plans to expand into other big French and European cities.
Karim Kaddoura and Thibault Chassagne, Virtuo’s founders said: “In just one year, Virtuo’s progress has exceeded our expectations. The Virtuo app is transforming the car rental sector and puts freedom back in the hands of thousands of customers. With the money we have raised we will be able to open new stations in France and in other European countries. In Balderton Capital and Bernard Liautaud we have found a financial partner whose advice and knowledge will be crucial to the next stage of our journey.”
Bernard Liautaud, managing partner at Balderton Capital, said: “Public and private transport systems in cities are changing rapidly and visitors and city dwellers alike are being offered many more digitally-powered ways to get around. We are moving rapidly to a world where people will own less cars but they still want the freedom of access to a car they can drive, at a time and place that suits them. By transforming the car hire experience, Virtuo is bringing another key element of on-demand mobility to business and personal users.”
DGM Conseil for Virtuo
Thomas de Climens / Hugues Schmitt
+33 1 40 70 11 89
Raoul for Balderton
Sibylle de Villeneuve
+33 6 45 29 58 57
Virtuo was founded in 2015 by Karim Kaddoura and Thibault Chassagne and the service launched in April 2016.
In 2015, Virtuo raised €1.7m from:
In September 2017, Virtuo raised €7.5m from Balderton Capital, the London-based early stage investor.
Virtuo service is available at more than 10 transport hubs in France
Virtuo in figures:
How Virtuo works:
Balderton Capital is Europe’s largest early stage venture capital investor, focused on investing in the best European technology companies at Series A. Based in London, the firm manages $2.3bn and invests in companies with the potential to disrupt huge industries and the ambition to scale globally. Notable investments include Talend (went public on Nasdaq in 2016); Magic Pony Technologies (acquired by Twitter in 2016); Betfair (went public on FTSE 2010); and YOOX Group (went public in Italy in 2009).
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