DUBLIN, April 28, 2016 /PRNewswire/ --
Drivy, a French car rental startup, has raised USD 35 million for European expansion. Currently operating in France, Germany and Spain, Drivy plans to add to the 36,000 cars on its system by offering its services in other European cities such as London. The startup is also reportedly considering markets in Italy, Poland, Portugal and the Netherlands. The global car rental market is expected to grow at a CAGR of 15.32% by 2019, according to a report from Research and Markets, but Drivy's latest round of fundraising could result in a higher growth.
Although the average rental length on the Drivy platform is around three days, the company is seeing an increasing demand for single-day and half-day rentals. In an effort to make the rental process as simple as possible, the startup developed the Drivy Open system, which enables customers to open a locked vehicle through use of an app.
The global commercial telematics market is set to grow at a CAGR of 27.39% by 2020, as forecast in a recent report, and the Drivy Open system could stimulate further growth. Similarly, the Europe automotive smart keys market is expected to be worth USD 5.6 billion by 2020, but industry adoption of Drivy's technology could result in a greater market value.
Cathay Innovation and Nokia Growth Partners led the latest fundraising round, which saw the participation of previous investors Bpifrance Ecotechnologies Fund, Via-ID and Index Ventures. Drivy has now raised a total of EUR 47 million over four investment rounds.
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SOURCE Research and Markets