Germany-based ridesharing service provider CleverShuttle has been acquired by media group Madsack Mediengruppe, providing an exit to car manufacturer Daimler and rail operator Deutsche Bahn, according to Internet World.
Madsack acquired the majority stake through its publishing subsidiary Leipziger Verlags- und Druckereigesellschaft.
Founded in 2014, CleverShuttle enables users to hail a vehicle through an app and join a car with other passengers travelling a similar route. The company focuses on the environmental advantages of ridesharing, operating electric, hydrogen and hybrid vehicles.
The company directly hires its own professional drivers rather than emulating the business models of competitors such as Uber and Lyft, which rely on freelancers.
The acquisition is set to support CleverShuttle’s expansion efforts. The company aims to tap into the digital expertise of Madsack to drive those efforts.
CleverShuttle had raised an undisclosed amount of funding, most recently securing cash from EvoBus, the bus manufacturing subsidiary of Daimler, in July 2017.
Deutsche Bahn had made an investment of undisclosed size in October 2016, before returning in May 2017 to support a seven-figure investment alongside assorted angel investors and the family office of Peter Unger.