Modus Group plans to spend €110 million to turn CityBee into one of the biggest car-sharing companies in Europe
Modus Group is investing 110 million euros into a major upgrade of its fleet for CityBee, its car-sharing service in the Baltics and soon Poland.
The holding company or its subsidiary don’t appear to have raised external funding or issued new shares to finance the fleet expansion, but they’re clearly willing to spend big to try to make CityBee one of the largest car-sharing companies in Europe.
To wit, Modus has announced an international tender to purchase more than 5,000 new cars, roughly five times the amount of vehicles currently owned by the company.
“We intend to select the best tender offers and sign agreements with the winners in February and plan to acquire all 5,360 vehicles during 2019. They’ll expand CityBee’s portfolio of services, adding cars that are better for longer trips, electric cars, which are popular in cities, and vans and commercial vehicles,” CityBee CEO Aurimas Čiagus said in a statement.
CityBee will be up against the likes of DriveNow, Car2go, Drivy, BlaBlaCar, Turo, Zipcar and others.