French Carsharing Drivy Raises $35M in Funding

French peer-to-peer carsharing service Drivy has closed a $35.2M round of funding, which was led by Cathay Innovation and Nokia Growth Partners, according to a report by The Pe Hub Network. Other participants included Bpifrance’s Ecotechnologie Fund, Via-ID (Mobivia group), and Index Venture.

Drivy will use the investment to expand into three new markets in Europe by the end of 2016, including the United Kingdom, according to the report. Additonally, the funding will be used to increase innovation and product development, says the report.

Founded in France in 2010, Drivy currently operates in France, Germany, and Spain. In the last six years, it has grown to about 850,000 users, says the report.

“Drivy combines the quality of carsharing user experience and the scale of peer-to-peer marketplaces, with 3-digits growth every year,” Paulin Dementhon, CEO and founder of Drivy, told The Pe Hub Network. “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.”

Click here for the full Pe Hub Network report. 

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