Carvolution raises another CHF 16.2 million to expand growth in car subscription market

13.10.2022 11:51, Morgane Ghilardi

The Bernese startup Carvolution has secured another CHF 16.2 million in a Series D financing round that attracted major insitutional investors. The company has taken a leading role in the car subscription market. Carvolution was one of the TOP 100 Swiss Startups every year from 2018 to 2022.

Carvolution AG has successfully raised CHF 16.2 million in a Series D financing round, bringing the total funds raised close to CHF 50 million. Investors include major institutional investors such as Mobiliar, Redalpine, Armada Ventures, and Ringier Digital Ventures, as well as new financiers.

Carvolution was a TOP 100 Swiss Startup six years running from 2018 and 2022, ranking seventh in 2022. “TOP 100 brings the key players from the Swiss start-up ecosystem together; this strengthens the community and accelerates innovation across industries," CEO Olivier Kofler said. "I particularly appreciate the personal exchange and would like to thank the TOP 100 team for their valuable work."

Carvolution will use the new funding to further expand its core business in the car subscription market, which offers an alternative to buying or leasing. Industry experts forecast a significant market share for car subscriptions by 2030. In addition, part of the funds will be used to facilitate the trading of used vehicles; Carvolution founded the subsidiary Farie AG earlier this year to access this market.

Olivier Kofler emphasizes: "We want to consistently pursue the path we have chosen and are pleased about the support of our existing and new investors. We will expand our leading position in the car subscription market with new products and services. With Farie, we will develop new business areas as we are convinced that we can simplify the buying and selling of used cars in Switzerland."

Along with the financing, Carvolution strengthens its Board of Directors by including Morten Hannesbo, a heavyweight of the Swiss automotive industry. Hannesbo has worked in the sector for over 35 years, having been CEO of AMAG for over thirteen years and Vice President of auto-schweiz for twelve years.

Source: Carvolution