Carrot operates a car-sharing service in Mexico’s largest cities that aims to provide an alternative to car ownership and traditional car hires. The company raised a roughly $2 million Series B led by Venture Partners, bringing total funding to $3.5 million. The investment will be used to maintain its lead in Mexico and to grow the service to 10,000 members and a fleet of 300 cars over the next two years. Carrot currently operates in Mexico’s three largest cities and plans to expand to the 15 most populated cities, targeting a potential market of nearly 45 million occupants. In 2012 the company acquired UBICAR, which it described as its only direct competitor, and it has a partnership with Mexico City’s bicycle system that enables that system’s 120,000 users to access Carrot’s service. Venture Partners’ managing partner characterized Carrot as among the fastest-growing car-sharing companies worldwide.

Total raised

$2M

Funding rounds

1

Latest round

Series B

Latest activity

Apr 2014