Insurance group Die Mobiliar has invested CHF50m ($55.1m) in Carvolution, the Switzerland-based operator of a car rental subscription service, according to VentureLab.
Founded in 2018, Carvolution runs an online platform that leases cars to users for a flat monthly rate that also includes vehicle maintenance, registration and taxes.
A range of about 30 vehicles can be hired at prices starting at roughly $390 per month under a 36-month typical minimum contract. The funding will support the expansion of the company’s vehicle fleet to meet customer demand.
Die Mobiliar had already participated in a $11.3m series B round for Carvolution in November 2019 that was co-led by Armada Ventures and Redalpine and which included undisclosed existing backers.
Redalpine had previously led a series A round of undisclosed size for the company 10 months earlier that also featured unnamed angel investors.