IMPROVED advises SnappCar on its Private Placement from Oil & Gas major Q8
- Date September 26th, 2019
- Transaction type M&A
- Sector Mobility
- Sub Sector Shared Mobility (Marketplace)
The large oil & gas company from Kuwait, Q8, together with Snappcar’s current shareholders AutoBinck Group and Founders, have invested 8 million euros in SnappCar. This investment means that SnappCar can move towards its mission even faster: reducing the number of cars on the road in Europe by 5 million in 2020. By doing so, the streets and cities become more pleasant to live in and SnappCar reduces the emission of CO2.
Since 2017 the number of SnappCar-users in the Netherlands, Sweden, Denmark and Germany has doubled to 700.000. This makes SnappCar incredibly proud but SnappCar wants to grow even more. SnappCar expects to reach the milestone of 1 million users in the summer of 2020. Growing the user base is not all SnappCar is doing. By making carsharing more convenient SnappCar motivates as many car owners as possible to share their car on SnappCar or to even get rid of their car entirely and enter SnappCar’s community as a renter.
“More and more people are experiencing the benefits of carsharing in practice. With Q8 on board SnappCar invests significantly in growth and extra convenience. SnappCar is working on smart solutions, so that the key exchange and fueling or charging at the end of each trip becomes unnecessary. This means cars will be used more efficiently: right now cars are standing still 23 hours per day."
Victor van Tol
"Snappcar has the full potential of becoming the undisputed leader in Western Europe and Scandinavia especially with the active support of Q8. With consolidation already happening, we are sure Snappcar is ready for an improved future."
Managing Partner, IMPROVED