France-based community car rental service- Drivy has raised a funding of $8.6 million from Bpifrance, Via-ID as well as from its existing investors including Index Ventures and Alven Capital. The company has also acquired its small scale competitor ‘Buzzcar’ for an amount which has not been disclosed publicly.
The service claims to stand out, as Drivy lets one rent a car from anyone who is ready to offer it, usually for less than what it would cost at a car rental agency. In addition to spending less money, one will receive the same insurance coverage that would be expected when one rents a car. Similarly, you can also earn a bit of money by putting your car on the marketplace.
The newly acquired investments will be used for opening new markets and recruiting car owners. Part of this funding round will also help improve the company’s apps and website.
Drivy is currently available in France and Germany, but they intend to enter other European markets very soon, as reported by TechCrunch.
Drivy had previously raised $6M in funding last year. As of now, the company has 500,000 registered users and 26,000 cars available on the platform. Over the past 12 months, Drivy has managed 300,000 days of car rentals.