Ride sharing service BlaBlaCar is in final talks to raise an amount of $160 million in its Series D round of funding from Insight Venture Partners at a valuation of $1 billion. The deal has been closed but not officially declared.
With this round of funding the startup’s valuation will come to $1.2 billion, which means that the company will enter the zone of European unicorn (a startup valued above $1 billion), as reported by Business Insider.
The company has raised funding of $100 million in July 2014 from venture capital groups including Index Ventures and Accel Partners. As per the TechCrunch report, it is a speculation that its existing investors which include Index Ventures, Accel Partners, ISAI and Lead Capital Edge won’t be participating in this new round.
BlaBlaCar offers city to city ride sharing service. The users search for car owners in the same city, who are travelling to another city to book a seat in advance and share the cost with the co-travellers who sign up for the journey.
In April 2015, the company acquired its rivals German-based Carpooling.com and Hungary’s Autohop for an undisclosed amount, to create one of Europe’s largest car sharing networks. Its service is available in 17 countries, including in non-European countries, such as India and Mexico.