Snappcar, the Netherlands-based operator of a peer-to-peer car sharing service, has secured €10m ($11.2m) from vehicle rental service Europcar’s Europcar Lab unit, mobility group AutoBinck and startup studio Founders.
Founded in 2011, Snappcar operates an online platform that enables a 250,000-strong user base in the Netherlands, Demark and Sweden to share their vehicles with each other.
The company plans to use the funding to expand further into Europe and introduce features such as keyless access to the 30,000 cars on the platform.
Sheila Struyck, managing director of Europcar’s New Mobility unit, said: “We are delighted to be acquiring a stake in SnappCar’s capital. The Lab invested in this company as it sees its potential of growth, allowing the group to enrich its mobility offers and to target new types of customers.
“We see a great opportunity to help this company accelerate its development of car sharing with a peer-to-peer platform throughout Europe.”
Europcar Lab acquired a 20% stake in Snappcar through the round. AutoBinck originally became an investor in the company in November 2015 when it provided an undisclosed amount of equity funding.