Virtuo, a carsharing startup based in France, has raised $96 million to invest in its technology and expand to more European markets, according to a report by Tech Crunch.
The online carsharing company is receiving a $60 million Series C and $36 million in asset financing, with AXA Venture Partners leading the equity round, according to the report.
Virtuo’s technology allows users to rent a vehicle through its app with the option to have the vehicle delivered or picked up, says the report. Users can rent vehicles for a few days or up to a few months.
Currently the company has locations in France, the U.K., and Spain. Outside of France, the Mercedes Benz A-Class or the Mercedes GLA SUV are the only models available to rent. Other vehicles at its French locations include the BMW X1, Hyundai Kona Electric, Peugeot 208, and Fiat 500X.
With the funding, Virtuo plans to expand to Milan soon and to Germany in 2022. The company hopes to expand to 10 more countries by 2025, Karim Kaddoura, co-founder of Virtuo, told Tech Crunch.