The Bernese start-up Carvolution has secured 15 million Swiss francs in a new fund-raising round, thereby strengthening its leading role in the car subscription market. As lead investor, Francisco Fernandez is the newcomer to support the car subscription company together with Ringier Digital Ventures.
Since its founding in 2018, Carvolution as pioneer and frontrunner in the Swiss car subscription market has been pursuing ambitious plans. The alternative to buying and leasing a car is becoming more and more popular. Experts predict a market share of up to 40% for the car subscription market by 2030. With Francisco Fernandez, well-known entrepreneur and founder of the Avaloq Group, and Ringier Digital Ventures, Carvolution further expands its leading position in the market and puts itself in pole position for the next growth wave.
A capital-intensive business
When selecting new investors, Olivier Kofler, CEO of Carvolution, focused on broadening the company's expertise. With the arrival of Francisco Fernandez, new doors are opening up 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 a member of Carvolution's board of directors. Fernandez comments “A lot is currently happening in the mobility market. The last few months have shown that the market is ready for the Carvolution car subscription. I am pleased to be able to support and accompany this ambitious team."
As for Ringier Digital Ventures, which focuses on fast-growing and innovative start-ups, it gives Carvolution access to the Ringier Group’s expertise in the media and digital market. This know-how will help the Bernese startup to expand its marketing skills and further develop. As a pioneer in the car subscription market, Carvolution sees it as its duty to raise awareness. Indeed, according to Kofler: "There are many advantages to subscribing to a car: simplicity, flexibility, and a seamless digital customer experience - all of which are unique to the Swiss car market and have never been available in this form before. And what's more: It almost doesn't get any more affordable to drive a car."
Previous investors are also participating in the new financing round
Previous investors, such as Redalpine and Armada, are impressed by Carvolution's growth and are all participating in the subsequent round. As a strategic partner, Mobiliar is also strengthening its commitment and investing again. Olivier Kofler emphasises: "We have already been able to achieve a lot 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."
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