Car manufacturer Seat has announces that it just acquired 100% shares in Madrid-based car sharing startup Respiro.
Founded in 2010 by Ian Paterson and Inés De Saralegui and with an annual turnover of 1.8 million euros in 2016, the platform operates on a pay-as-you-go basis. It currently boasts of having 15,000 active users and 200 electric and hybrid vehicles in its fleet. Respiro had received €350,000 VC funding 2016 from Spanish firm Inveready.
SEAT had already launched the Connected Sharing project in 2017, a car sharing service for the company’s more than 14,500 employees that enables them to use and share the available vehicles. This acquisition further strengthens its car sharing strategy.
“The arrival of a strong company such as SEAT gives Respiro a substantial boost, as it will enable us to set up in other cities, explore new channels and even further develop the business model” said Inés De Saralegui.
“this operation signals a great step forward for the brand, as it is the first time that SEAT commits to the purchase of a company. In addition, Respiro already has a proven business model and has high growth expectations.” reckons Holger Kintscher, SEAT Executive Vice-president for Finance, IT and Organisation.