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VULOG, the European Leader in Carsharing Technologies, Closes a EUR8.4 Million Growth Capital Financing Led by the Ecotechnologies Fund and the Environmental Technologies Fund to Accelerate the Deployment of Its New Generation Carsharing Solutions
PARIS, September 21, 2015 /PRNewswire/ --
VULOG, the European leader in carsharing hardware and software solutions, announces
the investment of EUR8.4 million of growth financing from the Ecotechnologies fund,
managed by Bpifrance, and the Environmental Technologies Fund, a growth capital investment
fund based in London. This funding will support VULOG's international expansion and
strengthen its competitive position in the fast growing carsharing marketÂ
Based in Nice, VULOG (http://www.vulog.com ) was founded in 2006 by two INRIA
(French Research Institute) engineers, Georges Gallais and David Emsellem, and develops
innovative hardware and software end-to-end solutions responding to the mobility needs of
individuals and companies alike. VULOG is recognized as a pioneer in new generation
carsharing referred to as "free floating" (or "one-way"), offering no constraints of
pick-up points and return stations, while eliminating the need for advance reservations.
Users can therefore benefit from a flexible and on-demand mobility solution.
VULOG doubled in size in the year 2014 and has positioned itself as a leader on a
market that is forecast to expand to over 600,000 vehicles worldwide and more than 30
million users by 2020[1]. The company is currently operating in Europe and North America
in partnership with various carsharing operators: mobility providers, car rental operators,
automobile clubs, fleet managers, Smart Cities, etc.
"This significant investment led by Bpifrance and Environmental Technologies Fund as
well as the continued support from PACA Investissement, OPUS and CPG, long-standing
investors in the company, illustrates the potential of our technology as part of the
sharing economy and sustainable mobility. We aim to double our staff in 2016 in order to
strengthen our Business Development and R&D teams. After opening our Paris office and our
first office overseas in Vancouver in 2014, we plan to further expand in 2016 in North
America and notably in Asia, where traffic congestion and air pollution are also becoming
major issues in big cities. This funding provides us with the means to deploy our
carsharing solutions on a global scale," explains Georges Gallais, co-founder of VULOG.
"Bpifrance is very enthusiastic regarding this investment. VULOG is a pionner in
carsharing technologies and is a leading solution provider in this rapidly expanding
market. We are positioning ourselves alongside the founders and the management in order to
make VULOG the global leader in carsharing technologies and deploy on a global scale an
expertise they have developed in France," explains Gilles Schlang, Senior Investment
Director at Bpifrance Investment.
"Carsharing is transforming the automotive world; for many people, why even own a car
when you only use it 5% of the time? What if you had, at any moment in time, wherever you
may be, a vehicle available upon request via your smartphone and only had to pay for the
time spent behind the wheel?" adds Fabrice Bienfait, Investment Director at Environmental
Technologies Fund.
[1] Source : Frost & Sullivan
VULOG
CONTACT: *Press contact VULOG: Christophe Amalric, +33(0)6-74-73-98-32, camalric@vulog.com *Press contact BPI France: Nathalie Police,+33(0)1-41-79-95-26, nathalie.police@bpifrance.fr *Press contact ETF: Fabrice Bienfait, fabrice@etf.eu.com
VULOG, the European Leader in Carsharing Technologies, Closes a EUR8.4 Million Growth Capital Financing Led by the Ecotechnologies Fund and the Environmental Technologies Fund to Accelerate the Deployment of Its New Generation Carsharing Solutions
PARIS, September 21, 2015 /PRNewswire/ --
VULOG, the European leader in carsharing hardware and software solutions, announces
the investment of EUR8.4 million of growth financing from the Ecotechnologies fund,
managed by Bpifrance, and the Environmental Technologies Fund, a growth capital investment
fund based in London. This funding will support VULOG's international expansion and
strengthen its competitive position in the fast growing carsharing marketÂ
Based in Nice, VULOG (http://www.vulog.com ) was founded in 2006 by two INRIA
(French Research Institute) engineers, Georges Gallais and David Emsellem, and develops
innovative hardware and software end-to-end solutions responding to the mobility needs of
individuals and companies alike. VULOG is recognized as a pioneer in new generation
carsharing referred to as "free floating" (or "one-way"), offering no constraints of
pick-up points and return stations, while eliminating the need for advance reservations.
Users can therefore benefit from a flexible and on-demand mobility solution.
VULOG doubled in size in the year 2014 and has positioned itself as a leader on a
market that is forecast to expand to over 600,000 vehicles worldwide and more than 30
million users by 2020[1]. The company is currently operating in Europe and North America
in partnership with various carsharing operators: mobility providers, car rental operators,
automobile clubs, fleet managers, Smart Cities, etc.
"This significant investment led by Bpifrance and Environmental Technologies Fund as
well as the continued support from PACA Investissement, OPUS and CPG, long-standing
investors in the company, illustrates the potential of our technology as part of the
sharing economy and sustainable mobility. We aim to double our staff in 2016 in order to
strengthen our Business Development and R&D teams. After opening our Paris office and our
first office overseas in Vancouver in 2014, we plan to further expand in 2016 in North
America and notably in Asia, where traffic congestion and air pollution are also becoming
major issues in big cities. This funding provides us with the means to deploy our
carsharing solutions on a global scale," explains Georges Gallais, co-founder of VULOG.
"Bpifrance is very enthusiastic regarding this investment. VULOG is a pionner in
carsharing technologies and is a leading solution provider in this rapidly expanding
market. We are positioning ourselves alongside the founders and the management in order to
make VULOG the global leader in carsharing technologies and deploy on a global scale an
expertise they have developed in France," explains Gilles Schlang, Senior Investment
Director at Bpifrance Investment.
"Carsharing is transforming the automotive world; for many people, why even own a car
when you only use it 5% of the time? What if you had, at any moment in time, wherever you
may be, a vehicle available upon request via your smartphone and only had to pay for the
time spent behind the wheel?" adds Fabrice Bienfait, Investment Director at Environmental
Technologies Fund.
[1] Source : Frost & Sullivan
VULOG
CONTACT: *Press contact VULOG: Christophe Amalric, +33(0)6-74-73-98-32, camalric@vulog.com *Press contact BPI France: Nathalie Police,+33(0)1-41-79-95-26, nathalie.police@bpifrance.fr *Press contact ETF: Fabrice Bienfait, fabrice@etf.eu.com