Virtuo, a Paris, France based provider of car-on-demand solutions, raised €50m ($60m) in a Series C funding.
The round was led by AXA Venture Partners with participation from Bpifrance, Alpha Intelligence Capital and H14, as well as existing investors Balderton Capital, Iris Capital and Raise Ventures.
The company intends to use the funds to accelerate its presence in Europe with plans to conquer one million active customers across the continent by 2025.
Co-founded in 2016 by Karim Kaddoura and Thibault Chassagne, Virtuo provides a mobile app that allows users to start their rental car with no need for paperwork, rental counters and queues. It is available with both a consumer offering as well as Virtuo for Business service, where businesses can enjoy exclusive corporate benefits.
The company is to launch a new delivery service, Virtuo Delivered, where users can get a car delivered and collected from a chosen address. The service has been extensively tested and rolled out across London and recently launched in Paris and Madrid.
As of May 2021, Virtuo is present in four countries (France, Italy, Spain & United Kingdom) and eighteen major European cities including Paris, London, Manchester, Barcelona and Madrid.