Switzerland-based car-subscription service Carvolution will receive CHF24 million ($27.9 million U.S.) of financing from Zuger KantonalBank, a cantonal lender based in the country.

“The additional funds will enable the expansion of our modern vehicle fleet and thus further growth in our core business,” said CEO and co-founder Olivier Kofler. “We are delighted to have Zuger KantonalBank as a competent partner at our side who shares our vision and is also committed to a long-term partnership.”

Founded in 2018, Carvolution provides automobile subscriptions as an alternative to buying or leasing a vehicle. Customers can select their vehicle online and pay a set monthly fee that covers all expenses besides gas. The business promotes itself as Switzerland’s biggest vehicle-subscription platform. Monthly subscription prices at Carvolution range from CHF400 ($460 U.S) to around CHF1,770.

Carvolution last received funding in 2020, when Mobiliar, a Switzerland-based private insurance company, invested CHF50 million to help the company expand its fleet of vehicles.

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