Vulog closes US$31m in funding led by European Investment Bank

26th January 2021 by Frog

It’s been a great start of the year for Frog portfolio company Vulog—the global leader in shared mobility technologies has recently raised a total of US$31 million in funding led by the European Investment Bank (EIB) and its existing investors Bpifrance, ETF Partners, Frog Capital, and Inven Capital to further increase its market lead in Europe and the Americas.

The EIB is one of the world’s main financiers of climate action projects. Besides investing in the reduction of carbon emissions, it also invests in initiatives like cleaner transportation solutions.

Vulog’s mission is to reduce the number of individually-owned vehicles in cities. According to Vulog CEO Gregory Ducongé, to accomplish this, Vulog delivers tech solutions that act as the backbone of market offerings that are green, convenient, and economical for individuals and organisations.

He added, “We also provide a robust suite of operational tools, most of which are either AI-driven or rely on smart workflows to guide consumer-facing companies towards optimised and profitable operations.”

Mike Reid, Senior Partner at Frog Capital, said, “The automotive industry is in the middle of a monumental transition from manufacturing fossil-fuelled cars to providing mobility services of electric vehicles.” 

“Vulog is at the absolute centre of this change, now a scale player relied upon by a growing list of the industry’s largest players that already includes Volkswagen, Stellantis, Kia… and more to be announced soon. With a Vulog-enabled vehicle being used every 2 seconds, Vulog’s AI platform is the B2B market leader and on track to becoming a world force in mobility, making the world a greener place for future generations. This is why we’re so proud to support companies like Vulog who are making a very positive impact on the world!”

In addition, Ducongé commented: “We are very happy to announce additional financing coming from both the EIB and our existing investors. This new support from the EIB confirms its confidence in Vulog’s important role in the transformation of mobility on a global scale.” 

You can read more about this announcement here.

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