Die Mobiliar invests in Carvolution
Swiss car subscription service startup Carvolution has raised €10.4 million in a new round of funding from Redalpine, Armada Investment and Swiss insurer Die Mobiliar. Earlier this year, Carvolution raised ~$3.5 million which brings its total funding to ~$14.5 million.
Carvolution, founded in 2018, offers an alternative to car ownership by allowing customers to select a car online and pay a fixed monthly price that includes all costs except gas. Customers can change the car, return it or keep it for as long as they like. Since launching “several hundred subscription cars” are already on the road in Switzerland.
The startups is also entering into a strategic partnership with Mobiliar with the goal of exploring different synergies.
“The opportunity to actively participate in shaping this new market in Switzerland and the many synergies between Mobiliar and Carvolution have persuaded us to participate.” – Patric Deflorin, Head of Insurance at Mobiliar.