MyTripCar, the transparent comparison site for car rental, secures €1.2 million in funding

MyTripCar-2017

MyTripCar, a car rental comparison and reservation site that aims to revolutionize the sector with a fresh approach and more transparency, has received €1.2 million in funding from a group of unnamed British and Spanish investors and from the Spanish Tourism Ministry through its public organisation Segittur, whose goal is to support innovation in Spanish companies focused on tourism and innovation. In 2015, MyTripCar secured €250K in seed funding from various business angels and the IVF (Valencia Institute of Finance). MyTripCar also took part in Telefonica’s startup accelerator Wayra.

MyTripCar was officially founded in 2015 in Alicante (Spain) and launched its platform in 2016. In addition the the current funding round, the young company also just announced that it is seeing a 30% monthly growth rate of its platform, having already reached a total 10,000 car reservations in a very competitive market. MyTripCar is currently available in Spanish, German, English and French. The Spanish startup generates revenues by taking a commission on all reservations made through its site.

The fresh capital will enable MyTripCar to start with the further internationalization and to grow the number of destinations covered in Europe as well as increase the reach for travellers – which come from the US and Asia and Europe, representing the largest tourism markets.  MyTripCar currently covers over 3,000 European destinations.

Unlike many other car rental platforms, MyTripCar shows you all the hidden costs when renting a car. With the UK’s CMA (Competition and Markets Authority) hot on the heels of car rental companies to being more transparent, MyTripCar, which aims to lead the field in customer protection and complete transparency, is well positioned to become a leading force in car rental comparison in the coming years.