Cathay Innovation today announces that Getaround, the US carsharing pioneer, has acquired for $300m its portfolio company Drivy, the largest and fastest-growing carsharing platform in Europe, in order to form the world leading carsharing marketplace, with more than 5 million users spanning over 300 cities in the U.S. and Europe.
While Cathay Innovation has the opportunity to return proceeds to the investors of its Innovation Fund, it will also remain an investor of the newly created company, along with other top VC including SoftBank and Menlo Ventures. This will also be a new unicorn in Cathay Innovation’s portfolio as the combined company will be valued over $1.5bn.
Headquartered in Paris, Drivy has quickly built a community of two and a half million users across Europe with an established track record of local market execution and innovation. Getaround has pioneered the connected carsharing marketplace through its Getaround Connect®, a patented technology that enables users to locate and unlock cars using their smartphone, making carsharing accessible to more people at any time of day.
Getaround and Drivy share the same vision of connected carsharing and combining the strengths of Getaround and Drivy will create an unparalleled offering for people in Europe to instantly rent and drive great cars shared by people nearby—all the while reducing the financial burden of car ownership.
Jacky Abitbol, Partner at Cathay Innovation, added: “We are very proud to have helped creating a global leader along with Drivy’s talented management, and some of pour strategic partners as Valeo who struck strategic agreements with the company. Validating angain our cross-border approach, the addition of Drivy and Getaround is now the global carsharing leader. It also highlights Cathay’s global expertise in the field of mobility and car-technologies, which are a strong focus of our investment strategy trough our Cathay Innovation and CarTech funds.”
About Cathay Innovation
Cathay Innovation is a global venture capital fund, created in affiliation with Cathay Capital Private Equity. It was founded around the shared conviction that supporting digital entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to driving change through technology. Such transformation is accelerated by leveraging Cathay Capital Private Equity’s extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beijing and Shanghai.
To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov
Founded in 2010 by Paulin Dementhon, Drivy is Europe’s leading carsharing platform – with 55,000 cars shared across six countries, a community of two and a half million users. Car sharing is increasingly becoming the efficient alternative to owning a car. The Drivy app allows drivers to find a nearby car, open it with their smartphone and drive away. Costs include fully comprehensive insurance with Allianz and 24/7 roadside assistance from ARC Europe.
With vehicles sourced from private owners and dedicated fleets, Drivy allows private owners to reduce the cost of owning a vehicle while helping fleet owners to maximise their investment. Drivy aims to bring fresh air to cities, by encouraging fewer cars on the road and more freedom to move.
The Drivy team includes 130 people in offices in Paris, Berlin, Barcelona and London. The startup raised €47m from top tier investment funds and VCs Alven, Index Ventures, Via-ID, Cathay Innovation, BPI France, NGP Capital and Wind Capital.
For more information visit Drivy.com, download the iPhone or Android app, or follow us on
Facebook and Twitter.
Getaround empowers people to instantly rent and drive great cars shared by people in their city. Cars can be rented by the hour, or the day, with insurance and 24/7 roadside assistance included. By using the Getaround app, people skip the lines and paperwork at traditional rental car counters, and the hassle of buying and maintaining a car. Powered by Getaround Connect™, the patented connected car technology, Getaround creates a fun and safe carsharing experience without the need to meet the car owner, carry an access card, or coordinate picking up a car key. People share everything from a Prius to a Tesla and can earn thousands in extra income each year, offsetting the high cost of car ownership while also making a positive impact on the environment. A study by the University of California Transportation Sustainability Research Center found that for every car shared approximately 10 are taken off the road. In turn, every 1,000 vehicles shared reduces up to 50 million pounds of carbon dioxide, meaning Getaround’s community is helping take cars off the road and reduce pollution. Headquartered in San Francisco, Getaround has thousands of cars available throughout major metropolitan areas across the United States. Investors in Getaround include SoftBank, Menlo Ventures, Braemar Energy Ventures, Asset Plus, Triangle Peak Partners, SPARX Group, Toyota Motor Corporation, Cox Automotive Inc., and SAIC Capital. For more information visit Getaround.com, download the iPhone or Android app, like on Facebook, and follow on Instagram and Twitter.
For Cathay Innovation
Yoann Besse – Citigate Dewe Rogerson
+33 1 53 32 78 89
Sviatoslav Beysens – Global Head of Public Policy
+33 6 32 40 11 91
Joan Wickham – Director of Communications, Getaround