PSA Group acquires interest in parking and rental start-up

Manufacturer PSA Group has acquired an interest in parking and car rental start-up TravelerCar, for an undisclosed amount.

PSA Group acquires interest in parking and rental start-up

Manufacturer PSA Group has acquired an interest in parking and car rental start-up TravelerCar, for an undisclosed amount.

The move is part of PSAs ‘Push to Pass’ strategy, which involves it investing in mobility start-ups. PSA has committed €100m in venture capital to invest in mobility.

TravelerCar offers three types of services at airports, train stations and city centres:

– A free parking tool for car owners who make their vehicles available for rent. Car owners are remunerated if their vehicle is rented.
– Advantageous-price parking solution for owners who prefer not to share their vehicle.
– A reduced-rate car rental option for individuals provided through TraverlerCar rental agencies.

The company was founded in 2012, and has a network of 80 agencies, and over 100,000 users in six countries: France, Spain, the Netherlands, Germany, Switzerland and Belgium.

This isn’t the first start-up PSA Group has invested in this year, having invested €18m in Koolicar in April.