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Mangrove renews commitment to CiteeCar by leading $10m Series A round

4 Apr 2014

news_gear_box_lrgEuropean early stage investor Mangrove Capital Partners has led a $10m Series A financing round for German car sharing business CiteeCar.

The business was already in Mangrove’s portfolio following a seed investment in the business.

Part of the Series A came from Bscope, the direct investment arm of a European family office with a history in the automotive industry.

CiteeCar began trading less than 18 months ago and already has a fleet of more than 500 cars across four German cities for rent at as little as €1 per hour.

Mangrove investor Michael Jackson said, “City leaders recognise the political value in reducing emissions and congestion.

“As a result, many are fast-tracking the development of sustainable solutions to urban mobility challenges.

“Yet we’re the only VC with a consistent urban mobility strategy.

“The global automotive industry is also ripe for transformation having evolved in a linear fashion.”

He added, “Car ownership is steadily becoming more of a hindrance than a help in cities.

“CiteeCar provides all the flexibility and convenience you want from a car at an extremely low cost and without any of the hassle.

“It’s a great business and we believe it has a bright future.”

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