The company raised € 8 million, making it the largest placement in the automotive collaborative consumption space in the past 12 months. Mangrove Capital Partners led the investment with participation from Bscope, the direct investment arm of a leading European family office with a long history in the automotive industry. The company will use the funds to continue their expansion in Germany and internationally.
In a statement CiteeCar’s CEO Bill Jones commented: “We’ve already demonstrated that at the right price point people will change their mobility behavior. We are convinced that shared access to private cars will become the norm in our already congested cities and we plan to be at the forefront of this mobility revolution.” Industry analysis from Frost & Sullivan suggests the number of people using ‘shared cars’ on a regular basis will rise to 15 million in Europe by 2020
Mr Jones continues “GP Bullhound has been extremely helpful every step of the way, and has shown total dedication throughout the process, which resulted in the best transaction with the right investor.”
Guillaume Bonneton, Partner, GP Bullhound commented: “CiteeCar represents an interesting combination of community car sharing and professional car rental. We are proud to have helped with the emergence of a leading European player in this space.”
This represents the completion of GP Bullhound’s 9th transaction in 2014 and highlights the firm’s commitment to working with category leaders in the collaborative consumption space.
For enquiries contact Guillaume Bonneton, Partner, firstname.lastname@example.org
GP Bullhound is an international technology investment banking group with offices in London, San Francisco, Stockholm, Berlin and Manchester. Founded in 1999, GP Bullhound provides world-class advice on mergers, acquisitions and private placements to a diverse range of corporate clients, institutional investors and high net worth individuals.
Combining a true love for entrepreneurship and innovation with deep global buyer relations and sector expertise, GP Bullhound has completed transactions for many category leaders, most recently selling Pozitron to Monitise, Pure360 to SEP, Tunigo to Spotify, and Fjord to Accenture. For more information, please visit www.gpbullhound.com
In 2013, GP Bullhound was awarded Boutique Investment Bank of the Year and Leading Advisers of the Year by the Acquisition International M&A Awards, and Manish Madhvani, a Founding Partner of GP Bullhound was named as a winner of the fourth annual M&A Advisor 40 Under 40 Award.
CiteeCar operates a unique low-price business model and was recently awarded “Best Car sharing 2014“ in Germany. The company now has a fleet of over 500 cars in four German cities. It rents these cars for as little as €1 per hour to urban dwellers who prefer to access a car when they need it rather than carrying the cost of owning one. Its market leading price point has mobilized thousands of people to adopt car sharing as an affordable and permanent alternative to car ownership.