Heetch, the Paris-based high-growth ride-sharing platform, has raised US$38 million in a Series B funding round led by Cathay Innovation and Total Ventures alongside the renewed participation from existing shareholders Idinvest Partners, Innov’Allianz, Alven, Felix Capital, and Via-ID.
Heetch intents to use the US$38 million funding to strengthen its technical teams and accelerate its development in Europe and Africa.
“Heetch is highly differentiated in the French ride-sharing market. For a lot of drivers, mobility platforms are distant and impersonal. We stand for the opposite. Heetch is an open and people-centric platform: all drivers can meet us and get in touch with me directly. This is important, because platforms and drivers appear to be foes while there is so much we ought to achieve together. The market is currently not structured in favour of ride-sharing drivers who still have a lot of constraints compared to taxis. It is imperative that we emerge from this opposition, that we work together to create a healthy market that allows everyone to have rewarding careers”, said Teddy Pellerin, co-founder of Heetch.
The company which operates in 9 cities in France (Paris, Lyon, Lille, Nice, Marseille, Toulouse, Bordeaux, Strasbourg, Nantes) has a firm grip in Morocco with presence in Casablanca, Rabat and Marrakech.
Heetch is also about to launch in Algiers, Algeria, this summer. In Central and West Africa, The company has chosen the Ivory Coast (Abidjan) as the first test country and plans to launch in Cameroon and Senegal by the end of 2019.
“We are very proud to join forces with Heetch and its talented team. We are convinced of Heetch’s potential and believe in its development strategy in Europe and Africa, a region we monitor closely. Millions of Africans will be able to benefit from Heetch’s services. This investment fits perfectly with our investment thesis around mobility and complements our global portfolio in the space which includes Drivy-Getaround, Momenta, Glovo, and OnTruck,” adds Jacky Abitbol, Partner at Cathay Innovation.
The company was founded in 2013 by Teddy Pellerin and Jacob Matthieu and aims to make mobility services in large European and African cities more affordable, accessible, easy-going, and responsible.
Image Credits: Heetch