German car sharing startup CiteeCar lands $10M in first funding round

By VCPOST Staff Reporter

Apr 05, 2014 04:23 PM EDT

German car sharing platform CiteeCar has closed $10 million in its first financing round with Mangrove Capital Partners as lead investor, according to VentureBeat.

Investment firm Bscope also participated in the funding, Unquote added.

The Berlin-based startup will use the new capital to expand in its home country. The firm will beef up both its cars in the four cities it operates in, and its market reach in new cities. In addition, CiteeCar is eyeing an international expansion in two other cities in Europe with existing good transport links, the report detailed.

CiteeCar is currently based in Berlin and operates 500 cars in three other cities in the country including Hamburg, Frankfurt, and Munich. It rents out each car for €1 per hour for a minimum duration of 3 hours. Hosts allow the company's clients to use their parking space. In exchange, these hosts can use CiteeCar units for free, VentureBeat explained.

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