Turkish car rental venture receives Serie A investment
Yolcu360 aims to expand its operations to Europe
A Turkish car rental firm, Yolcu360, received a Serie A investment worth $6 million from Eksim Ventures, a subsidiary of a Turkish holding.
The Silicon Valley firm is heading to become a unicorn -- a start-up valued over $1 billion, according to a statement on Tuesday.
The firm's current value is $30 million and Eksim Holding's investment accounted for 20% of the firm's shares.
Series A, B, C define the potential of growing ventures. After angel investment and seed periods, start-ups in Serie A offer not only great ideas but also have a strong strategy and successful story.
Umut Yildirim, the CEO, said Yolcu360 attracted 22 million visitors last year, up from 700,000 in 2017.
The firm offers its customers a choice of 100,000 cars to rent whenever they want.
The firm aims to soon expand its operations to European cities, including London, Rome, Barcelona, and Paris, Yildirim said.
He noted that the car rental sector's size is around $100 billion globally.
He added that the firm plans a capital increase by $15 million after discussions by foreign investors.
The firm was the fastest-growing technology firm in 2020.