Carvolution is a Swiss startup, offering car subscriptions for a fixed monthly price. In November 2019, the Swiss startup received a CHF 11 million funding round of notable investors. Amongst them is Armada Investment, the single family office of Daniel Aegerter.
Car subscription services are growing in Europe
Carvolution is active within a growing field: in different European countries, many different car subscription services launched in the past years. In Germany, for example, the Munich-based startup Cluno raised $28M in its Series B in February. Carvolution, Cluno and Co. are fueling a trend amongst younger generations of not owning a car. Instead, Carvolution’s customers can “subscribe” to the service and get access to a selected car. The subscription service includes insurance, repairs and more. Besides the monthly fee, only fuel has to be paid.
Series B raised from notable investors and Aegerter family office
For further growth, Carvolution just raised a CHF 11.25 Million Series B funding round. Investors include Swiss insurer Mobiliar, multi family office Redalpine (who leads the round) as well as Armada Investment. In the future, Mobiliar will act as a strategic partner. Armada Investment is the single family office of Daniel Aegerter, who successfully sold his B2B software company Tradex in 2000 for $5.6BN. Aegerter and his family office are active investors within the startup scene. Other notable investments of Armada are N26, Lilium Aviation or Vivino.
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