Car subscription start-up eyes European market after $3.6m funding

Car subscription software start-up Loopit has raised $3.6 million in its first external capital raise, led by early-stage venture capital firm Tidal Ventures, with participation from Upswell Ventures and Luxem.

Long delays for consumers who want to buy new cars, the high price of second-hand vehicles and EV-curious consumers have pushed more customers to trial car subscription services. The subscription model has gained traction throughout the pandemic, with the company expanding to New Zealand last year and into the United Kingdom six months ago.Michael Higgins, managing director of Loopit, said the funding from the oversubscribed round would help the company expand internationally, using its new UK office as a launch pad into Western Europe.

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