Venture capital firm Redalpine has led a CHF11.3m ($11.3m) funding round for Carvolution, the Switzerland-based operator of an on-demand car rental service, that included insurance firm Mobiliar and family office Armada Investment.
Founded in 2018, Carvolution offers a service that enables customers to rent a car at a flat monthly rate that covers everything except petrol. Customers can choose from a range of approximately 20 models through the service.
In addition to investing, Mobiliar has formed a strategic partnership with the startup, which said it had previously raised money in an earlier round that was also led by Redalpine.
Carvolution CEO Olivier Kofler said: “We want to grow rapidly and win new customers. The financing will also help us to continue to invest in new talent and expand our market leadership. At the same time, we want to invest even more in service and product innovations.”
