France-based electric vehicle sharing service Vulog received $31m yesterday from investors including Inven Capital, the venture capital fund backed by energy utility Čez.
BPIfrance, ETF Partners, European Investment Bank and Frog Capital also took part in the round, which increased the company’s overall funding to $62m.
Founded in 2006, Vulog provides mobility software that helps ride hailing services launch and manage their fleets. It is working with on-demand ride providers including Evo, Free2Move, Wible and WeShare, in addition to insurers, car rental companies and energy providers.
The company had previously secured $20m in a 2017 series B round featuring Inven Capital, BPIfrance, ETF Partners and Frog Capital,
The 2017 round followed a reported $1.6m from undisclosed investors in 2013 and a $9.4m round co-led by BPIfrance’s Ecotechnologies Fund and ETF Partners’ Environmental Technologies Fund two years later.
Ivo Němejc, investment director and vice-chairman of Inven Capital, said: “It has never been more critical for fleet owners and operators to modernise and adapt, with the future of transportation being increasingly driven by smart and flexible mobility services.
“Vulog technology is at the forefront of this revolution, with mobility operators benefiting greatly from their powerful scalable platform and team expertise. We are excited by what the future holds for Vulog, as they are perfectly positioned in this global and thriving market.”
