Germany-based online car market AutoScout24 led a €16 million ($18.8 million U.S.) investment round in imove, a Norwegian subscription-based marketplace for electric cars and scooters.

Based in Bergen, imove has experienced steady growth over the past three years and enjoys a competitive position in the market. According to co-founder and CEO Hans Kristian Aas, imove’s monthly growth rate is currently 20%.

“Amazing customer feedback, strong unit economics, and an industry ripe for change told us that the timing was right for pushing the ‘Scale button’. We are extremely excited to bring on investors that bring the right type of strategic capabilities, know-how, and global reach,” said Aas regarding the company’s new funds.

Other investors include Norwegian venture fund Norselab and the state climate fund Nysnø. Existing owner Hedin Bil, a leading Swedish car retailer, also participated in this capital round. With its investment, AutoScout24 positions itself among the marketplaces to offer new ownership models for consumers, and is taking a significant step to support the development of electric cars, says Borja Muller, chief strategy officer at AutoScout24 in a newsletter published by Shifter.

Imove offers electric car and scooter rentals at a fixed monthly price. Recently, it has introduced several new features– for example, users renting electric cars can receive free kilometers through the service and are now eligible for a free 10-day upgrade to a bigger car for free included in their small car subscription. Another popular service in Norway is a free wheel change performed at home for safer winter driving. Imove recently expanded its services to Sweden.

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