Mangrove in $10m CiteeCar funding round

Mangrove financed the company from its inception 16 months ago, before opening it up to other investors and divesting part of its 100 percent stake. Bscope, the direct investment arm of a European family office, also injected growth capital.

The fresh capital will be used by CiteeCar to continue its expansion in Germany, both by increasing the number of cars it operates in the four cities it is currently based out of, as well as extending its reach to cover additional cities. It is also looking to expand internationally in cities which already possess good public transport links. According to CiteeCar, industry analyst Frost & Sullivan predicts the number of people using shared cars in Europe will rise to 15 million by 2020.

Mangrove has $500m under management and focuses on Europe, Israel and Russia. Mangrove's highest-profile divestment was in September 2005, when it exited Swedish software company Skype as part of a €2bn trade sale to eBay. In February 2014, the venture capital firm took part in Outfittery's €13m funding round.

Company
Founded in late 2012, CiteeCar operates 500 cars out of Berlin, Hamburg, Munich and Frankfurt. Cars can be rented for €1 per hour for a minimum booking of 3 hours. "CiteeHosts" - people who give up their own parking space to the scheme and encourage their friends to join - are granted free usage.

The company is headquartered in Berlin and employs approximately 30 staff members. CiteeCar should see a two-digit run rate by the end of 2014.

People
Bill Jones and Mauro Mariani are co-founders of CiteeCar. Mangrove partner Michael Jackson is on the CiteeCar board of advisors.

Advisers
Equity - GP Bullhound (Corporate finance).

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• Topics
• DACH
• Expansion
• Consumer
• Germany