START-UP CARVOLUTION RECEIVES 11.25 MILLION SWISS FRANCS FOR ITS CAR SUBSCRIPTIONS
Thanks to a new round of financing, Carvolution will receive additional funds in order to grow even faster. In addition to the lead investor Redalpine, the insurance company Mobiliar, which will also become a strategic partner, is now investing in Carvolution. With its monthly subscription for cars, Carvolution offers an alternative to buying and leasing.
Photo courtesy of Carvolution
From the Fiat 500 via the VW Tiguan to the Tesla Model 3: Carvolution customers can choose from a range of around 20 models – the right car for every need. With this usage model at a monthly flat rate price and a monthly notice period, the start-up wants to reach a new generation of car users. Added value thanks to synergies Carvolution is the clear market leader and is growing rapidly. The company was founded in 2018. Also, the last financing round took place less than nine months ago. As of now, new investors and partners are joining: in addition to existing investors such as Redalpine, the lead investor of the last round, Armada Investment and the insurance company Mobiliar are now also investing. Carvolution is also entering into a strategic partnership with Mobiliar.
“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,” says Patric Deflorin, Head of Insurance at Mobiliar. With their services, Mobiliar will bring added value to Carvolution’s customers. Fast growth and market leadership expansion the new capital – CHF 11.25 million – will be used by the young company from the Canton of Berne for operational growth. “We want to grow rapidly and win new customers,” says Olivier Kofler, CEO of Carvolution. The financing will also help us continue to invest in new talent and expand our market leadership. “At the same time, we want to invest even more in service and product innovations”.
Synergies with the new partner Mobiliar will also be exploited. Carvolution: pioneer for car subscriptions Carvolution is redesigning mobility and – with its car subscription – offers an alternative to buying a car or leasing it. Customers simply select their car online and pay a fixed monthly price that includes all costs except petrol. They can change the car flexibly, return it or keep it as long as they like. A disruptive all-inclusive solution with full service from a single source. “Our customers particularly appreciate the total flexibility, simplicity and that everything is included for them,” says CEO Olivier Kofler. As a pioneer in the subscription market, Carvolution has secured its pole position.
Several hundred subscription cars are already on the road in Switzerland. Carvolution is based in Bannwil, Berne, and was founded in 2018. It currently counts 26 employees. The Mobiliar Group: close to over 2 million customers Every third household in Switzerland is insured with Mobiliar. As of 31rst December 2018, the all-line insurer had a premium volume of 3,831 billion Swiss francs. 79 general agencies with their own claims service guarantee proximity to more than two million customers at around 160 locations. Schweizerische Mobiliar Versicherungsgesellschaft AG is based in Berne.
The group is made up of: Schweizerische Mobiliar Lebensversicherungs-Gesellschaft AG, Schweizerische Mobiliar Asset Management AG, Schweizerische Mobiliar Services AG, Protekta Rechtsschutz-Versicherung AG, Protekta Risiko-Beratungs-AG, Mobi24 Call-Service-Center AG, XpertCenter AG, Trianon AG, SC, SwissCaution SA and bexio AG. Mobiliar employs around 5400 people in its home markets of Switzerland and the Principality of Liechtenstein and offers 345 training places. It is the oldest private insurance company in the country and has been a cooperative since it was founded in 1826
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