Koolicar Raised €18M for P2P Car Sharing

French peer-to-peer car sharing startup Koolicar announced today a financial round of €18 million.

PSA Peugeot Citroën took part in the capital increase alongside MAIF, Koolicar’s historic partner since 2010.

The previous round of funding was made in September 2014 when MAIF invested €2.4 million followed by business angels with €200,000.

"This new investment will allow us to install the Box in nearly 30,000 vehicles, which will represent the world’s largest network of private vehicles in car sharing,“ explained Stéphane Savouré, Founding President of Koolicar.

“We will also continue our Research and Development program to provide car owners with features that make car sharing even simpler, more fun and more enjoyable.“

Now present in around 40 French cities, with over 60,000 registered users, Koolicar started up its peer-to-peer car sharing operations back in 2012.

The system is based on a connected box that can be fitted on any type of vehicle, enabling keyless transactions:the door is unlocked by a RFID card or a mobile phone and the car keys are found in the glove box. The connected box calculate the mileage and lease duration, and geolocate the car 24/7.

"Our acquisition of a stake in Koolicar is another step forward in our strategy as a mobility services operator,“ said Brigitte Courtehoux, PSA Senior Vice-President, Connected Services and Mobility.

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