ETF and Frog Capital in $20m round for Vulog

Prague-based Inven Capital, the PE and VC arm of CEZ, as well as historic investor BPI France also took part in the round.

The fresh investment will enable the company to expand its sales and marketing teams, and develop its technology.

Vulog plans to expand globally and increase its staff count over the next three months. It also plans to grow its product range, including launching analytical tools and a scooter-sharing service.

Previous funding
In its previous funding round, Vulog raised €8.4m in September 2015. At the time, ETF bought a £6m minority stake in the firm.

Company
Founded in 2006, Vulog offers technology that enables startups or global firms such as car rental companies, to launch and operate shared services. The services include free-floating, corporate, one-way station-based and round-trip car-sharing, with ride-hailing integration. Clients include Evo Car Share in Vancouver, Emov in Madrid and GreenMobility in Copenhagen.

The firm is headquartered in Nice with further offices in Paris, Vancouver and Toronto. It expects to open its first US office in San Francisco in September.

People
ETF – Fabrice Bienfait (partner)
Frog Capital – Mike Reid (managing partner)
BPI France – Gilles Schang (deputy managing director)
Vulog – Greg Ducongé (CEO)

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