Switzerland-based car subscription service provider Carvolution has raised CHF15m ($16.6m) in funding from investors including media group Ringier’s corporate venturing arm, Ringier Digital Ventures, yesterday.
Francisco Fernandez, founder of banking software developer Avaloq Group, led the round, with participation from Armada Ventures and Redalpine.
Carvolution provides a car subscription service that enables business and consumers to lease a variety of diesel, petrol and electric vehicles for a flat monthly fee. It subscriptions also include insurance, fuel discounts, taxes and vehicle maintenance.
The company intends to leverage Fernandez’s network in the banking and financial technology sectors and draw upon Ringier’s expertise in the media industry post-investment. It received an undisclosed amount in a February 2019 series A round led by Redalpine and backed by unnamed angel investors.
Insurance group Die Mobiliar supplied $55.1m for Carvolution in September 2020, after joining undisclosed existing investors in the company’s $11.3m series B round, in November 2019, which was co-led by Armada Ventures and Redalpine.