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Estonia's Autolevi raises EUR 225,000 on Funderbeam to expand business in Finland

BC, Tallinn, 07.12.2018.Print version
The Estonian peer-to-peer car rental service Autolevi has raised 225,000 euros via the crowdfunding platform Funderbeam, which it is about to use to expand operations in Finland, informed LETA/BNS.

During the campaign that ended on Thursday, over 250 people and companies from 18 countries, including Estonia, the UK, Germany, France and Finland, made an investment in Autolevi, Autolevi said.

Autolevi founder Tauri Karson said that the amount raised is three times the amount originally sought by the company.

"We planned to raise 75,000 euros in investments, but when that target was met within the first 24 hours it was clear that interest towards Autolevi is significantly bigger. We decided to accept altogether 225,000 euros, although the number of those who wished to make an investment was even bigger," Karson said.

Autolevi brings together over 23,000 users and 1,500 vehicles in Estonia, Finland and Latvia.

"The first major objective is to expand the offering of vehicles in Finland, by which to introduce ourselves to the locals and offer the best selection of cars on the market," Karson said.

The money will also be used to develop a solution enabling the owner of a car to rent out the vehicle using a smart device, without physically handing over the vehicle.

"A solution like this is commonly used by the car sharing companies of Central Europe and we wish to offer it to our users as well," he added.

The Autolevi campaign on Funderbeam lasted one month, beginning Nov. 7. 

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