PSA, one of the largest car and bike manufacturers to come out of France, has this week made an announcement, sharing details of the latest addition to their investment portfolio.
According to various sources, PSA Group has now acquired more shares in TravelCar, strengthening their affiliation with the mobility brand. This is a startup that provides short-term car leasing options. It also permits smartphone users to reserve car-parking spaces at thousands of depots, currently boasting 5,000 partner car parks and thousands of spaces to rent.
But, this is not the first time the group has shown interest in the startup. Back in 2016, PSA Group invested in the brand. Shortly after, TravelCar made waves in the North American market, made possible by a 15 million euro backing from PSA and insurance group, MAIF.
Now, the company sets its sights on further expansion while fine-tuning the mobility services it already delivers. But, with millions of users already utilsiing its services in over 60 countries, what more could the brand achieve?
“With a million users, TravelCar is a major success,” said Brigitte Courtehoux, Senior Vice President at Groupe PSA.
“Through this acquisition, we are stepping up our support for the company and demonstrating our commitment to developing an efficient, sustainable mobility services ecosystem” he continued.
TravelCar’s, founder, Ahmed Mhiri, was just as pleased to see this investment go through. In the official press release, he was quoted to say the following:
“We are proud and delighted to be able to write the next chapter of the company’s history with Groupe PSA and all of the TravelCar teams.”
“We’re also very excited about working on the many innovative solutions that such an alliance will enable us to offer our users.”
What are your thoughts on this investment? Do you foresee great things on the horizon for the TravelCar brand?
