Free2move announced today that it has agreed to buy carsharing startup Share Now. The carsharing company was launched in 2019 as a joint venture between BMW Group and Mercedes-Benz Mobility Group. The anticipated purchase boosts Free2move's position as a global mobility leader and adds over 10,000 cars to the company's existing fleet in 14 key European cities. Free2move's carsharing fleet now numbers 2,500 vehicles.
Time is valuable in the rigorous world of mobility, where users strive to maximize every minute. As a result, customer transportation is a significant obligation. At Free2move, we have built a cutting-edge mobility service model that responds to our client's demands. This approach, successfully implemented in the United States and Europe, enables clients to hire a car for a few minutes or several hours. Furthermore, if a customer wishes to keep the car for an extended time, they may do so without modifying the contract - Free2move's pricing is immediately adjusted.
"With Share Now's presence in multiple key European locations, we will be able to provide our consumers with a broader selection of services. In addition, we look forward to providing flexible mobility alternatives that are tailored to each customer's unique demands," Brigitte Courtehoux, Free2move's CEO, said. "This purchase will help accelerate our expansion in Europe, bringing us one step closer to our objective of growing Free2move to 15 million active members globally by 2030."
Based on Free2move's financial discipline and lucrative business strategy, this purchase will further expand economies of scale and synergies. Additionally, it will contribute to achieving the strategic objective outlined in the "Dare Forward 2030" plan: growing net sales of mobility services to 2.8 billion euros. The first step is to reach a revenue of 700 million by 2025.
Free2move recently announced the purchase of Opel Rent, which will help the company expand further in Germany and Austria. This is complemented by a further evolution from pure car rental to a provider of integrated mobility services. Simultaneously, Free2move continues to grow its mobility hub in the United States, with locations in Washington, DC, Portland, Oregon, Denver, Colorado, Columbus, Ohio, and Austin, Texas, now offering its service. In addition, the Free2move carsharing service is currently operational in two European capitals (Paris and Madrid).
