Travelcar, a startup that enables you to make your car available for renting at airports when you travel instead of paying for expensive airport parking, has raised a 15 million euros (US$15.8 million) Series B round.
The investment was raised from French carmaker PSA Group and French insurance company MAIF, according to a press release from PSA. The money will be used to launch its concept of car-sharing in the Los Angeles and San Francisco airports.
The France-based startup was founded by Tunisian entrepreneur Ahmed Mhiri in 2012. The move to the US comes after it has successfully rolled out the concept in 10 European airports including those in Belgium, the Netherlands, Spain, Switzerland and France.
While Western countries are his focus, Mhiri’s startup does offer car rental services in Tunisia’s Tunis, Hamammet and Monastir airports.
The company has nearly 300,000 users and offers services for car owners and travellers that saves owners from paying for airport parking and for users to ‘hire’ cars that are 50 percent cheaper than normal car rentals.
In April 2016, the startup raised its first round of 5 million euros (US$5.3 million) from different shareholders.The US market has nearly 850 million travelers a year, and the airports Travelcar is targeting are two of the country’s largest.
The investment is also part of a 10-year expansion strategy for PSA that includes moving into the US.
Feature Image via TravelCar.