French car-sharing startup Vulog raised €17.5 million.
The investment comes from the UK’s Frog Capital and the Czech Republic’s Inven Capital. The startup previously raised €8.4 million two years ago from the Ecotechnologies Fund and the Environmental Technologies Fund.
Vulog was founded in 2006, and has developed a SaaS platform along with a connected box to install in vehicles, which enables car rental companies, fleet managers, and individuals to access the car-sharing service. The driver can simply use a badge or a smartphone to unlock one of Vulog’s vehicles. The startup is also working with a number of car manufacturers to integrate its technology directly into future vehicles.
The company plans to use the new capital to strengthen its international presence. Vulog’s technology is already integrated with many major mobility services abroad, including Evo Car Share in Vancouver, Emov in Madrid, and GreenMobility in Copenhagen. The company also has plans to expand to Asia in the near future.
“Vulog will continue to deploy new mobility services around the world, which will facilitate daily travel, reduce pollution in our cities and prepare for the arrival of autonomous vehicles,” said a Vulog company spokesperson.
So far the company has facilitated 10 million trips. Vulog also helps to reduce traffic in cities. According to figures from a car-sharing survey carried out in 2016 by ADEME (The French Environment and Energy Management Agency), each car-sharing vehicle replaced five passenger cars and freed up four parking spaces.