Monday 10 December 2018

Travel tech firm Mobacar seeks up to €50m to grow services it can offer

Mobacar has done a lot of work in the car rental sector. (stock image)
Mobacar has done a lot of work in the car rental sector. (stock image)
Gavin McLoughlin

Gavin McLoughlin

Travel technology business Mobacar is looking to raise as much as €50m.

The company has begun exploratory talks with a number of large venture capital firms about the deal and is looking to complete a €30m-50m fundraising, according to a report by the Ireland bureau of 'Mergermarket'.

The report said the money would be used to offer the company's products to a wider range of industries.

Mobacar, based in Kerry and run by former Fexco head of global sales and business development Mike Webster, uses artificial intelligence to help connect customers with the most appropriate means of travel.

It has done a lot of work in the car rental sector.

The idea is to offer tailored products to individual customers based on their predicted buying habits.

Existing backers include Enterprise Ireland, Irish venture capital business Delta Partners, and US-based car rental firm AutoEurope.

Mobacar did not respond to a request for comment from the Irish Independent.

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