Blacklane Secures Largest Financing Round To Date and Announces Investment from TASARU Mobility Investments ("TASARU")
PR Newswire
4 min read
Series G round secures 51 million GBP in funding from new key investor TASARU, along with its set of current investors
The investment is set to accelerate the next phase of Blacklane's growth with a focus on the U.S., Europe and the Middle East
BERLIN and RIYADH, Saudi Arabia, Oct. 29, 2024 /PRNewswire/ -- Blacklane, the premium global chauffeur services provider, announces today the successful closure of its largest financing round to date. The Series G round secures an investment of 60 million Euro (51 million GBP/65 million USD) and marks a valuation increase of approximately 25% compared to the previous round in September 2023.
Dr Jens Wohltorf, CEO and co-founder of Blacklane.
The majority of existing investors supported this capital increase which will further strengthen Blacklane's investment strategy and support the company's healthy global growth strategy.
"We are delighted to have TASARU as a long-term strategic investor as its mobility know-how will be a big asset to Blacklane. We could not wish for a better partner to achieve our goals. Moreover, we are delighted to have a strong set of existing investors, such as Mercedes-Benz Mobility, Gargash Enterprises, Al Fahim Group, Alstin Family and RI Digital Ventures, supporting our sustainable and long-term investment strategies.This financing round is a strong signal and acknowledgement of what the Blacklane team has accomplished over the last years," said Dr. Jens Wohltorf, CEO and co-founder of Blacklane.
Under the investment, Blacklane plans to expand its operations in its largest market, the U.S., sharpen its focus on the Middle East, and continue its business in Europe. This also allows Blacklane to diversify its business model with global and local mobility solutions while rolling out new services to its guests in the customary high-service quality.
Specifically regarding Saudi Arabia, the business will launch in several key cities, deploying a fleet of electric vehicles (EVs) and creating quality local jobs, which will include the on-of-its-kind training of female and male chauffeurs in Blacklane's unique Chauffeur Academies.
The partnership with TASARU will also involve collaboration with local market players such as airlines and airport transfer companies to provide seamless luxury chauffeur services tailored to the needs of Saudi Arabia's growing market.
"We are excited to partner with Blacklane, a company that shares our vision for innovation and sustainable growth in the mobility sector. This investment is a testament to our commitment to fostering a thriving automotive and mobility ecosystem in Saudi Arabia, in line with Vision 2030," said Michael Mueller, CEO of TASARU Mobility Investments.
"At Mercedes-Benz Mobility, our customers are at the center of everything we do, and our goal is to exceed their expectations. As the largest shareholder of Blacklane, we have been united by a strong partnership and a clear customer focus for over 10 years. We look forward to continuing this successful collaboration and delivering exceptional experiences," said Franz Reiner, CEO of Mercedes-Benz Mobility AG.
Drive Profitable Growth and Expand Global and Local Presence
The investment comes at a time of strategic global and local expansion for Blacklane when its services are available in more than 50 countries, delivered by thousands of chauffeurs. With its strong momentum, Blacklane is pursuing strategic goals and investing in different business pillars such as Airport Transfers and City-to-City connections between metropolitan areas, as well as newly launched services, i.e. In-City mobility solutions in Dubai, UAE, Miami, Florida, U.S. and London, UK.
This Series G round showcases Blacklane's role as a pioneer in the luxury mobility industry, offering high-quality service unparalleled by local and global competitors. This is witnessed by its robust growth trajectory, backed by revenue figures indicating 25% year-on-year growth. Blacklane is profitable from spring 2022.
Sustainable Growth
Blacklane continuously reviews the extent to which the company's activities have an impact on the environment. The funding will support Blacklane's sustainability efforts by implementing innovative mobility solutions. Blacklane is also conducting carbon offsetting of all its rides back to its founding in 2011.
ABOUT BLACKLANE
We are Blacklane, providers of premium global chauffeur services. Our mission is to create outstanding experiences for discerning guests by delivering perfect experiences around the world to inspire for a better future. Blacklane offers Airport Transfers, City-to-City commutes, in-city mobility options and Chauffeur-by-the-hour services in over 50 countries globally, either pre-booked or on demand. Whether it's for business or pleasure, Blacklane and its 400 employees and thousands of chauffeur partners have the right premium transportation service for you. By changing how people move, we opened up new opportunities for our chauffeur providers and set industry standards for climate protection in the travel industry. Book on www.blacklane.com or download our app.
