The Carvolution team has a reason to smile after the latest funding announcement
We are excited to announce that Carvolution (RAC III), the Swiss market leader for car subscriptions, has successfully secured 200 million CHF in asset-backed funding. The financing was backed by Barclays and Waterfall Asset Management and follows a 24 million CHF pledge from Zuger Kantonalbank in July 2023.
The funding will allow Carvolution to further enhance its existing services and expand their fleet, as well as consolidate their position as a market leader within the mobility sector.
Since Redalpine first invested in Carvolution’s seed round in 2019, the company has continued to demonstrate the strength of its business model and is one of the most funded subscription startups globally.
In addition, Carvolution has distinguished itself within the car subscription market by focusing on vehicles in a new or very good condition that offer a broad range of fuelling options, as well as attractive all-inclusive subscription prices. Their pricing is facilitated by a highly digitalized and streamlined fleet management system, along with a uniform vehicle fleet and high order volume.
David Kofler, CEO and co-founder of Carvolution, said about the deal: "Financing is what drives our business model. Car subscriptions are becoming increasingly popular. To keep up with this growth and meet demand, we need strong partners and good fleet financing solutions."
We extend our congratulations to Léa Miggiano, Olivier Kofler, and the rest of the Carvolution team on this impressive milestone!