Vulog raises 26 million euros to expand its car-sharing technologies

Vulog, a start-up member of NextMove specializing in technologies supplying car-sharing services, raises 26 million euros. This financial contribution will enable the company to continue developing the services offered on its platform and ensure the launch of 8 new projects over the next three months.

Vulog, a start-up specialized in car-sharing technologies, raises 26 million euros. This fund raising, announced on Thursday, January 21, 2021, is being carried out with its historical investors Bpifrance (with its Ecotechnologies fund), ETF Partners, Frog Capital and Inven Capital, as well as the European Investment Bank.

The Technology Behind Car Sharing Services

"Our mission is clear: to reduce the use of personal vehicles in cities," says Gregory Ducongé, CEO of Vulog. To achieve this, the French nugget has developed a platform that enables the rapid deployment of a car-sharing service, whether with cars, bicycles, scooters or scooters. Vulog covers various uses, including instant access to the vehicle, reservations and subscriptions.The discreet start-up does not manage this itself, but its technology powers various mobility services that are currently in operation, such as Free2Move in various cities, WeShare in Berlin and Evo Car Share in Vancouver. Car manufacturers, fleet operators, car rental companies or any other interested party can take advantage of this technology

Towards the management of autonomous vehicle fleets

This fundraising comes nearly four years after its previous raising of 17.5 million euros. With this new financial contribution, the nugget intends to continue its research into artificial intelligence technologies in order to offer new services such as predictive demand management, an intelligent and fluctuating pricing policy, or the management of autonomous fleets. On this last point, Vulog has already put forward its ambitions during a demonstration in Nice in partnership with the engineering group Akka technologies.Vulog intends to launch 8 new mobility projects in the next three months. These include the expansion of the WeShare service in Hamburg and the launch of a fleet of self-service electric bicycles in New York.

Source : Usine Nouvelle

Photo © Vulog