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Index, Alven increase backing for car rental startup Drivy with €6m investment

6 May 2014

car keys5_lrgIndex Ventures and Alven Capital have renewed their commitment to Paris-based car rental startup Drivy by investing another €6m in the company through a Series A financing round.

Drivy said it planned to use the capital to expand across Europe, for product development and to grow its 20-strong team.

The company has about 250,000 in France, making it the biggest peer-to-peer car rental marketplace in Europe.

Index Ventures’ Martin Mignot said, “Cars are simultaneously an extremely good means of transportation and an extremely poor investment.

“They are still by far the best way for individuals to move around freely, but they also cost a fortune to acquire and maintain, lose a lot of their value as soon as they’re driven away from the showroom and then sit idle most of the time.

“Through its peer-to-peer rental platform, Drivy is solving that conundrum.

“They are not only disrupting the car rental market – which is significant in itself — but also challenging one of the pillars of 20th century capitalism: universal car ownership.

“Who needs their own car when they can rent one from their neighbours?”

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