France-based car sharing service TravelCar has obtained €15m ($15.8m) from automotive manufacturer PSA Group andinsurance provider Maif.
Established in 2012, TravelCar allows drivers to park for free at airports, train stations and in city centres in exchange for letting other users rent their vehicle. Users can also use the company’s parking services without renting out their cars for 50% less than official facilities.
The company has already expanded across Europe, counting more than 300,000 users across 10 countries, and will use the latest capital injection to enter the US beginning April 1 2017 with Los Angeles and San Francisco airports.
Maif, through investment arm Maif Avenir, previously backed a €5m round in March 2016 alongside unnamed, existing shareholders. Investment company Network Finances invested €750,000 in 2014.
Grégoire Olivier, head of mobility services at PSA Group, said: “We announced our progressive entry to North America by launching mobility services with our partners. We deploy these services worldwide to meet customers’ expectations.
“With TravelCar today, we are writing the beginning of this new step overseas.”