Three years after announcing a $20 million financing round, Vulog has raised another $31 million from the European Investment Bank (EIB) and its current investors. The EIB is one of the world’s main financers of climate action projects. It invests in, among other things, initiatives aiming to reduce carbon emissions, including the offering of cleaner transportation solutions.
Vulog has established itself as the preferred technology partner for large mobility players, whether they are OEMs, insurance providers, rental operators, or energy companies. The upward trend is set to continue for the company in 2021. Eight new mobility projects are set to launch in the first three months of the year, including an expansion of VW’s WeShare service to Hamburg, Germany, on the heels of its success in Berlin, and an exciting new mobility service expected to launch soon in New York City.
As a backdrop to this financing announcement, the increasing public awareness of the current climate emergency highlights the need for the public and private sectors to rapidly deploy mobility solutions that are green and inclusive.
Vulog’s platform has evolved from a carsharing platform to an all-encompassing ecosystem of tools covering all on-demand mobility needs, no matter the vehicle type, target market or use case.