VCs in CHF 15m round for Carvolution

Fernandez will join the company's board following the round. He is the founder of Switzerland-based banking platform Avaloq, which was sold to NEC Corporation in a deal valuing the company at CHF 2.05bn in October 2020. Warburg Pincus and Motive Partners had previously backed the company.

New investor Ringier Digital Ventures also joined the round for Carvolution. Existing investors participating in the round were Redalpine Capital and Armada Investment, alongside strategic investor Die Mobiliar.

Carvolution expects its new investors will provide the company with additional expertise in banking and financial technology, the company said in a statement.

The round comes shortly after VC-backed car subscription service Cluno, Carvolution's German market peer, was sold to UK competitor Cazoo, as reported.

Other market peers include Germany-based Finn.auto, which is backed by VCs including HV Capital.

Previous funding
Redalpine first invested in Carvolution in February 2019, deploying equity via Redalpine Capital III, which held a final close in September 2017.

Redalpine and Armada led a second round for Carvolution in November 2019, investing CHF 11.25m in a series-B round for the business alongside Swiss insurance company Die Mobiliar.

Die Mobiliar invested a further CHF 50m in Carvolution in September 2020.

Company
Carvolution was founded in 2018 by Olivier Kofler, Luis Wittwer, Léa Miggiano, Bernhard Drüner and Adrian Boss. The company allows users to lease cars via its online platform. Users can choose which kind of vehicle they would like to hire, as well as the length and conditions of the rental package. The company claims that its vehicles are then delivered to users within 10 working days. Carvolution is based in Bern and employs 40 staff.

People
Carvolution – Olivier Kofler (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• DACH
• Consumer
• Technology
• Venture
• Switzerland