French car-sharing service TravelCar has raised €15 million, with the funding coming from automotive giant PSA Group and insurance firm MAIF.
TravelCar launched in 2012 and is active in ten European countries, providing a range of options for travellers to optimise the use of their vehicles. One product line is allowing travelers “free parking” at airports, train stations and city centers by helping them rent out their vehicle while they are away, earning a fee from the renter .
It also brokers parking spaces at or near stations and airports.
The cash raised will be used to introduce the concept in the US, with Los Angeles and San Francisco identified as its launch locations. As well as being the second and seventh largest airports in the US respectively, TravelCar expects that the idea will resonate with employees from nearby Silicon Valley.
PSA Group is the holding company which owns Peugeot, Citroen and DS Automobiles. MAIF meanwhile is a mutual insurance company with three million members in France.