Inveready sells Spanish startup Respiro to Seat

Following the deal, Respiro's co-founders Ian Paterson and Inés de Saralegui will stay on with the company and join the executive board along with Francesc Delgado, a member of Seat's business development team.

With the fresh capital, the company intends to improve its product offering and expand its car-sharing service to other Spanish cities, starting with Barcelona.

Previous funding
In 2016, Inveready led a €500,000 funding round for Respiro, deploying capital from its venture debt vehicle, Inveready Venture Finance I, Unquote understands.

Company
Founded in 2010 and based in Madrid, Respiro specialises in renting cars by the hour, operating on a pay-as-you-go basis. The company currently has 15,000 active users and a fleet of 200 cars, including electric, hybrid, compressed natural gas (CNG) and liquefied petroleum gas vehicles, which will all be gradually replaced with eco-labelled Seat cars fuelled with CNG. The company employs 23 people and generated a €2m turnover in 2017.

People
Inveready – Carlos Conti (partner).
Respiro – Ian Paterson, Inés de Saralegui (co-founders).
Seat – Luca de Meo (chair).

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• Topics
• Exits
• Southern Europe
• Consumer
• Inveready First Capital
• Spain
• Trade sale