Vulog Announces $31M in Funding from the European Investment Bank and its existing investors Bpifrance, ETF Partners, Frog Capital, Inven Capital.
The world’s leading mobility tech provider closes new funding to further increase its market lead both in Europe and the Americas
Three years after announcing a $20 million USD financing round, Vulog has raised another $31 million USD from the European Investment Bank (EIB) and its current investors. The EIB is one of the world’s main financers of climate action projects. It invests in, among other things, initiatives aiming to reduce carbon emissions, including the offering of cleaner transportation solutions.
Vulog has established itself as the preferred technology partner for large mobility players, whether they are OEMs, insurance providers, rental operators, or energy companies. The upward trend is set to continue for the company in 2021. Eight new mobility projects are set to launch in the first three months of the year, including an exciting new mobility service expected to launch soon in New York City.
As a backdrop to this financing announcement, the increasing public awareness of the current climate emergency highlights the need for the public and private sectors to rapidly deploy mobility solutions that are green and inclusive.
Vulog’s platform has evolved from a carsharing platform to an all-encompassing ecosystem of tools covering all on-demand mobility needs, no matter the vehicle type (cars, bikes, scooters, mopeds, vans, etc.), target market (B2C and B2B) or use case (instant access, scheduled booking, subscription, or monthly mobility plan).
“We’re thrilled to continue supporting Vulog, and this latest round of financing will enable the company to continue its market leadership in the shared mobility space. The company’s ongoing success with mobility operators and automotive OEMs is a testament to its positive impact on the future of sustainable mobility.” Fabrice Bienfait, Partner, ETF Partners