Loggerhead Ventures Fund has invested in Caroo, Greece's first car-sharing service, aimed at enhancing urban mobility while promoting environmental sustainability.

Information on the Target

Caroo is a pioneering car-sharing startup based in Greece, focused on providing an environmentally friendly urban mobility solution. Launched in Athens in 2023, it aims to address the challenges associated with the car rental industry, particularly its seasonality and the underutilization of vehicle fleets. By tapping into the temporarily idle vehicles of car rental companies, Caroo offers a flexible platform for users to rent cars on demand for short periods, ranging from a few minutes to a full day. The service has quickly garnered attention, with 9,000 registered users benefiting from convenient access to modern vehicles.

One of the remarkable achievements of Caroo within its first year of operation is a projected 36% reduction in pollutant emissions compared to traditional car usage for similar distances. This is largely attributable to the utilization of environmentally conscious vehicle options in their fleet and the overall modernization of the aging car population in Athens, positioning Caroo as a leader in sustainable urban transportation.

Industry Overview in Greece

The car-sharing industry in Greece is still in its early stages but is rapidly evolving as urban populations grow and the demand for sustainable transportation solutions increases. With the environmental impacts of vehicle emissions