German mobility startup Vay has raised $95 million to launch its first car-rental service in Hamburg next year.
Kinnevik, Coatue and Eurazeo participated in the round alongside existing investors Atomico, La Famiglia and Creandum.
With Vay, customers can book an electric vehicle via a mobile app that would be delivered to the pick-up location by a driver steering the car remotely. The customer could drive the car manually from there and leave the car at the destination without having to park it.
Vay says the service will be offered at a fraction of the cost of an Uber ride and will be highly competitive with owning a car in urban areas.
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Additional use cases for the service range from ride-hailing and ride-sharing to food delivery to buses and trucks.
Founded in 2018, Vay uses KIA Nero electric cars and plans to add additional car companies.
Vay has the backing of the state of Hamburg and is in the final testing and validation phase before commercial use.