PSA Group Acquires TravelCar From MAIF

French insurer MAIF has sold its stake in TravelCar to PSA Group, which until now has been a co-shareholder for 22%.

Let’s back up. In 2017, MAIF and PSA Group co-led TravelCar’s €15m Series B round. Established in 2012, the Paris-based startup offers parking and car rental solutions and has already attracted over a million users across 60 countries. “With a million users, TravelCar is a major success. Through this acquisition, we are stepping up our support for the company and demonstrating our commitment to developing an efficient, sustainable mobility services ecosystem.” – SVP, Connected Services and New Mobility Solutions at PSA Group, Brigitte Courtehoux.

“We are proud and delighted to be able to write the next chapter of the company’s history with Groupe PSA and all of the TravelCar teams. We’re also very excited about working on the many innovative solutions that such an alliance will enable us to offer our users.” – TravelCar’s founder, Ahmed Mhiri.

MAIF will continue to provide insurance solutions to TravelCar. “The acquisition of TravelCar by PSA is the culmination of the success of a start-up that has become a major player in its market. MAIF is very happy to have helped to support and grow this company, both by offering an insurance solution at a pivotal moment in the life of the company and by taking a financial stake to enable its development. This partnership has enabled us to build a new and innovative insurance solution for platform users, from which they can continue to benefit. We look forward to continuing and deepening our collaboration with both TravelCar and PSA.” – EVP of the MAIF Eric Berthoux.