Car subscription startup Carvolution raises another CHF 15 million

25.02.2021 10:48, Isabelle Mitchell

The Bernese startup Carvolution secures CHF 15 million in a further capital round and further expands its leading role in the car subscription market. Francisco Fernandez is now supporting the car subscription company as the lead investor. Ringier Digital Ventures is also now on board. Carvolution has been one of the TOP 100 Swiss Startups for the last three consecutive years.

Since its founding in 2018, Carvolution has been pursuing big plans as a pioneer and trailblazer in the Swiss car subscription market. The alternative to buying and leasing a car is gaining more and more popularity. Experts forecast a market share of up to 40% for the car subscription by 2030. With Francisco Fernandez, well-known entrepreneur and founder of the Avaloq Group, and Ringier Digital Ventures, Carvolution is further expanding its leading position in the market and putting itself in pole position for the next growth spurt.

A capital-intensive business
Olivier Kofler, CEO of Carvolution, focused on expanding expertise when selecting the new investors. With Francisco Fernandez, new doors are opening for Carvolution in the banking and fintech sector. Fernandez, known as a serial entrepreneur and member of the board of directors at Avaloq Group, is now also on Carvolution’s board of directors. “A lot is currently happening in the mobility market. The last months have shown that the market is ready for the Carvolution car subscription. I am pleased to be able to support and accompany the ambitious team,” said Fernandez.
With Ringier Digital Ventures, whose focus is on fast-growing and innovative startups, Carvolution gains access to the media and digital marketplace expertise of the Ringier Group. This know-how will help with further marketing and development. As a pioneer in the auto subscription market, Carvolution feels it has a duty to do some educational work. Because, according to Kofler, “The advantages of a car subscription are obvious because the simplicity, the flexibility, and the unique digital customer experience have not yet existed in this form for one’s own car in Switzerland. And what’s more: Driving a car almost doesn’t get any cheaper.”

Existing investors also participate in the financing round
Existing investors such as Redalpine and Armada are impressed by Carvolution’s growth to date and are all joining in the current round. Mobiliar, as a strategic partner, is also increasing its commitment and investing further. Olivier Kofler emphasized: “We have already been able to make a lot of things happen with Carvolution, but we don’t want to rest on our laurels. We are pleased to have strong investors at our side who share the same vision.”

Carvolution has been a TOP 100 Swiss Startup for the last three consecutive years. “The TOP 100 Swiss Startup Award is a perfect stage for startups to connect with investors. Furthermore, the award helps generate additional visibility with investors, companies, and last but not least, in the market,” said Olivier Kofler about the TOP 100 event. 



Source: Translation of German press release