France-based ride hailing platform operator Heetch collected $38m yesterday in a series B round that included insurance group Allianz and auto servicing and parts provider Mobivia.
Mobivia’s Via ID fund and InnovAllianz, a strategic investment vehicle for Allianz, were joined by venture capital firms Felix Capital, Alven and Total Ventures, private equity firm Idinvest Partners and Cathay Innovation, an affiliate of private equity firm Cathay Capital.
Founded in 2013, Heetch provides an app-based on-demand ride platform that spans the French cities of Paris, Lyon, Lille, Nice, Marseille, Toulouse, Bordeaux, Strasbourg and Nantes as well as Casablanca, Morocco. It has tested the service in the Ivory Coast and plans to launch in Algeria, Cameroon and Senegal later this year.
Teddy Pellerin, co-founder and chief executive of Heetch, said: “The Maghreb and French-speaking Central and West Africa represent major opportunities for Heetch.
“In fast-growing cities with limited public transport infrastructure, our service can greatly improve mobility for city dwellers. Given our background, we have a competitive advantage in understanding local cultures and specificities.”
Arma Partners was financial advisor for Heetch in its lastest round. The company closed a $20m round in January 2018 that was backed by Via ID, InnovAllianz, Felix Capital, Alven and Idinvest Partners.
Heetch had previously raised $11.8m from Via ID, Fleix and Alven in September 2017, though it is unclear if that investment made up part of the 2018 round. It had already received $500,000 in seed capital from Via ID in 2014.