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Fundraising for CITY-DROP from INTER INVEST

Paris, 7 October 2021,

“One-way van hire is too expensive! It was with this in mind that we decided to change things. Compressing costs by making the user responsible was the “win-win” solution!” Félix Nguyen, CEO and co-founder of City-Drop with Christophe Gerbeaud and Frédéric Dubois.

Founded in 2015, City-Drop’s ambition is to transform the rental of commercial vehicles thanks to a model without a physical agency and completely digitalized, eliminating the “traditional counter steps” such as signing the contract or inspecting the vehicle. The entire customer journey is carried out in total autonomy via the company’s website and mobile application, which allows the customer to geolocate, open and start the vehicle using their smartphone. This flexible model, adapted to medium and long distance journeys, allows City-Drop to offer ultra-competitive prices from 1€ and on average 30% cheaper than its main competitors, a better service as it is no longer necessary to bring the vehicle back to its point of departure, and therefore to reduce CO2 emissions by half.

City-Drop has rapidly recorded strong growth in its activity and more than 50,000 customers have already placed their trust in the company for the transport of goods on one-way journeys in France and Europe.

Today, the company is present in more than 50 cities, has a staff of around 20 and has doubled its turnover each year while remaining profitable since its creation.

Already present in France, the service will be exported to Spain at the end of this year, to Germany and Portugal by the end of 2022, and to ten European countries by 2025. At the same time, City-Drop’s ambition is to electrify a quarter of its fleet by 2024 and reach 50% by 2026. This capital increase will enable the company to accelerate its growth so that it can establish itself on the French and European removal and mobility market. This investment will notably finance the fleet of connected vehicles, recruitment and the launch of new innovative services.

“The historical shareholders and the entire City-Drop team are delighted that Inter Invest Capital is supporting us and sharing our vision. We will go even faster and even further while preserving our DNA“, says Frédéric Dubois.

“We very quickly embraced City-Drop’s project. The company has developed an intelligent algorithm that makes the solution easy, economical and eco-responsible. We are particularly proud to help them deploy it as widely as possible in France and Europe” adds Julien Hugot, partner at Inter Invest Capital.

The participants in the CITY-DROP transaction

Capital Innovation / 1er tour

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The team

Michaël PETIT

Managing Director
Julien PAGE

Associate
Marine RAVIER

Analyst