PE-backed Drivy acquires Buzzcar

The €16m investment includes €8m earmarked specifically for international expansion.

The deal marks the third funding round into Drivy. The previous one saw Index Ventures and Alven Capital inject €6m into the business to support its growth across the European market. Prior to that, Drivy had received €2m in capital during a first funding round, according to unquote" data.

The fresh capital will be used by the car rental firm to accelerate its expansion. The business set up its Germany office last year, soon to be followed by one in Spain and another in a third country.

Company
Founded in 2010 by Paulin Dementhon and Nicolas Mondollot, Drivy is a peer-to-peer car rental service with a network of 26,000 cars used by 500,000 members across France who book cars online or via a mobile app. The Paris-based company employs 20 people.

Buzzcar was founded in 2011 by entrepreneur Robin Chase and also provides peer-to-peer car rental services. Headquartered in Sainghin-en-Mélantois, France, its network comprises 100,000 customers who can rent one of 7,000 cars. The company currently employs five people.

People
Managing director Yann Marteil led the deal for Via-ID, while BPI's Ecotechnologie Fund was represented by investment director Mathieu Rouget. Paulin Dementhon is founder and CEO at Drivy and Nicolas Le Douarec is CEO at Buzzcar.

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• Topics
• France
• Technology
• Expansion
• Index Ventures
• Alven Capital
• Acquisition finance
• France