£232m Drivy acquisition to create global car sharing leader
US car sharing giant Getaround has acquired European car sharing platform Drivy for $300m (£232m / 268m euros) in a move said to create the world’s leading car sharing marketplace.
Headquartered in Paris, Drivy has a community of two and a half million users across Europe and enables drivers and fleets to rent out idle vehicles in 170 cities. The acquisition by Getaround, which is headquartered in San Francisco and has thousands of cars available throughout 140 cities across the United States, will combine the strengths of both companies to form a leading global transportation and mobility company spanning North America and Europe.
The merged company will operate across 300-plus cities in the US and Europe – covering France, Germany, Spain, Austria, Belgium and the UK – with more than five million users.
Both firms also offer connected car sharing solutions that enable drivers to access vehicles, including the Getaround Connect app that enables users to locate and unlock cars using their smartphone, while Drivy’s instant smartphone unlock function removes the inconvenience of renters and owners needing to meet up to pick up car keys.
Getaround founder and CEO Sam Zaid said the acquisition would enable it to move closer to its vision of connected and shared cars. He added: “As the leading European car sharing marketplace, Drivy has built a strong business with products, teams, and values that closely align with ours at Getaround, making for a natural integration for our employees and users. Consumers all over the world are embracing the ease, flexibility and freedom that connected car sharing offers.”
Drivy founder & CEO Paulin Dementhon added: “Car sharing will replace car ownership in large urban markets, meeting consumer demands for instant and flexible transportation options, while also making cities more liveable by freeing them from idle cars and reducing congestion and pollution in the process. Connected technology, frictionless user experience, and increased car fleet density are the keys to this evolution, as they make it more convenient to use a shared car than your own. Getaround is an ideal partner for us because our companies are aligned in so many ways while being complementary on key aspects of our business, like geography or fleet acquisition. I look forward to seeing what we can accomplish together.”
The acquisition will see Dementhon remain in his role as the CEO of Europe, while the broader Drivy executive team will remain in place to oversee European operations and to continue growing and evolving market-leading, consumer-facing products and services.