PARIS--(BUSINESS WIRE)--Regulatory News:
On 31 March 2016, PSA Peugeot Citroën (Paris:UG) took part in the capital increase of peer-to-peer carsharing start-up Koolicar, becoming a shareholder alongside MAIF, Koolicar's historic partner since 2010. The transaction represents a total amount of €18 million. Its completion is subject to the fulfilment of certain conditions, including, if necessary, the approval of the relevant anti-trust authorities.
Now present in around 40 French cities, with over 60,000 registered users, Koolicar started up its peer-to-peer carsharing operations back in 2012.
Koolicar stands out as a high-potential start-up, offering unique and innovative technology for peer-to-peer car rental in Europe. Based on a connected box that can be fitted on any type of vehicle – enabling keyless transactions, calculation of mileage and lease duration, and geolocation – it makes carsharing easy. Key advantages of the Koolicar service are its high quality, ease-of-use and range of user options as well as its responsive, customer-focused teams.
With two major French organisations, PSA Peugeot Citroën and MAIF, supporting its growth, the French start-up will be able to step up its strategic growth plan and obtain the means to equip up to 30,000 cars with its technology, thereby becoming a global player in the carsharing market. In addition, its team will also be expanded from 30 to 100 employees in Paris and Montreal, with new positions to be created in IT, marketing and customer service.
In a market fuelled by the emergence of the collaborative economy, business in carsharing segment is booming. PSA Peugeot Citroën estimates that there will be 10-40 million users by 2020 in the five largest European economies.
Commenting on the new agreement, Brigitte Courtehoux, PSA Peugeot Citroën's Senior Vice-President, Connected Services and Mobility said: "Our acquisition of a stake in Koolicar is another step forward in our strategy as a mobility services operator. We want to operate right alongside our customers to provide them with the best mobility solutions."
Stéphane Savouré, the founder of Koolicar said: "In a few short years, France has emerged as the global leader of the sharing economy. We are at the heart of this transformation and we are proud to have our growth supported by two major French groups which, apart from their financial support, will be providing us with market access, as well as technical and manufacturing expertise."
Pascal Demurger, Managing Director of MAIF said: "MAIF Avenir, our dedicated innovation, digital and collaborative economy fund, made Koolicar its first investment back in 2014. The start-up has developed a technology that facilitates the peer-to-peer carsharing experience and today offers a genuine, close-to-the customer service of very high quality. We are proud to be supporting its growth and opening this new chapter alongside a manufacturer like PSA Peugeot Citroën. This new step forward attests to both the boldness and the relevance of our strategy in the collaborative economy."
About PSA Peugeot Citroën
With its three world-renowned brands, Peugeot, Citroën and DS, PSA Peugeot Citroën sold 3 million vehicles worldwide in 2015. The second largest carmaker in Europe, PSA Peugeot Citroën recorded sales and revenue of €54 billion in 2015. The Group confirms its position of European leader in terms of CO2 emissions, with an average of 104.4 grams of CO2/km in 2015, and is currently the leader in connected vehicles, with a fleet of 1.8 million connected vehicles on the road worldwide. It is also involved in financing activities (Banque PSA Finance) and automotive equipment (Faurecia).
For more information, please visit www.psa-peugeot-citroen.com
Koolicar was founded in 2011 by Stephane Savouré. It offers an innovative system whereby car renters can access a vehicle without needing to exchange keys or sign a contract. To ensure both car owners' and car renters' serenity and safety, Koolicar rigorously selects its members to form a trust-based community of car sharers. The insurance and assistance are provided by MAIF. Koolicar offers a real alternative to the private use of a vehicle, making it easier for users to get around at lower cost, and for owners to reduce costs associated with their car. The service is available in about 40 cities in France. This ambitious, environmentally-responsible initiative has received the support of the public authorities and is a winner of the Investissements d'Avenir (Investing in the Future) programme supported by ADEME (French Agency for Environment and Energy Management).
For more information, please visit www.koolicar.com
About MAIF Avenir
MAIF Avenir is an investment fund dedicated to financing innovation, digital business and the collaborative economy, which are key investment priorities for MAIF. In practical terms, the new fund will invest in start-ups to enable MAIF to develop new services for members, gain access to new communities, innovate, better understand the digital economy, new technologies and new usage patterns, and take advantage of the energy that drives these start-ups as well as their ways of working, in order to achieve greater agility. MAIF Avenir has been allocated a budget of €125 million until 2018, representing an average of €30 million per year.
For more information, please visit www.maif.com