TechCrunch reports that the ride-sharing startup BlaBlaCar has raised $160 million from Insight Venture Partner, putting the company at a post-money valuation of $1.2 billion. This Series D round is led by a significant group of business angels in addition to Insight.
Last year when the startup announced their previous funding, they operated in 12 countries with 8 million members. Today it has more than 20 million members and is available in 17 countries around the world, including India, Russia and Mexico. This year in April, BlaBlaCar acquired its biggest competitors, Carpooling.com and AutoHop, for an undisclosed amount.
BlaBlaCar’s city-to-city transport service, connects people who need to travel long distances with drivers already going the same way, it has attracted many riders across Europe and is now spreading across the globe as an alternative to mass transit. The company’s site and mobile applications allows drivers to connect with passengers by traveling together and sharing the costs. Each passenger makes a contribution for his seat, and drivers cover their fuel and tolls costs. The company follows a non-profit seeking model.
According to sources from VentureBeat, the company has no plans yet to expand into the US, however this new round of investments may change things.