Car rental giant SIXT is to become one of the key shareholders in chauffeur specialist Blacklane, with plans to grow the international footprint of both companies.
The initial focus will be on growing in North America, which has been identified by the pair as the most important growth market.
The SIXT investment marks the second closing of Blacklane’s series F funding, providing Blacklane with a significant million euro investment at a valuation roughly 50% higher than the previous one in 2020.
The first round of this F series was backed by prominent investors Mercedes-Benz Mobility and the Gargash Group and helped drive Blacklane’s growth in the Middle East.
In future, Blacklane’s chauffeur services will be available via the SIXT app and the two companies will leverage SIXT’s fleet capabilities and connected services.
“We at SIXT are committed to providing high-quality mobility solutions in car rental, carsharing, subscription, and ride-hailing services. The partnership with Blacklane represents the next step for us to create synergies for our business,” said Nico Gabriel, Chief Operating Officer at SIXT.
“We have ambitious plans together. One of our objectives is to capitalise on significant growth potential in the US market.”
Dr. Jens Wohltorf, CEO and Co-Founder of Blacklane, added: “We are thrilled to win SIXT as our partner and investor in this funding round.
“Their extensive experience in the ground transportation and travel industry, combined with our expertise in premium chauffeur services, create a powerful bond that will drive both company’s global growth and innovation and solidify our position as industry leaders.”
The announcement today said Blacklane quadrupled revenues in 2022 year-over-year and plans to accelerate its growth by investing in new services such as its City to City programme, connecting metropolitan areas via 127 routes in 11 countries.
The funding round will also contribute to the expansion of Blacklane’s German and global employee base of 300, driving the company’s growth and further strengthening its presence in its domestic market as well as abroad.
Additionally, the funding will support Blacklane’s sustainability efforts by implementing innovative mobility solutions.
Blacklane is committed to deliver 15% of its rides with electric vehicles by year-end 2023, and 50% by 2025. It is also offsetting all rides back to its founding in 2011.