Carvolution to get €10.4 million in additional funds from Redalpine and the insurance company Mobiliar.

Carvolution, a Bannwil (Bern), Switzerland-based car subscription company, announced the completion of a €10.4 million ($11.5M) in capital funding.

The money was provided by investors including Redalpine and the insurance company Mobiliar, and will be used to grow the operations and hire more people.

Carvolution, founded in 2018 and led by CEO Olivier Kofler, Luis Wittwer, Léa Miggiano, Bernhard Drüner and Adrian Boss, build a business around a monthly subscription for cars, as it aims to become an alternative to buying and leasing. From the Fiat 500 via the VW Tiguan to the Tesla Model 3: Carvolution customers can choose from a range of around 20 models – the right car for every need. With this usage model at a monthly flat rate price and a monthly notice period, the startup wants to reach a new generation of car users.