(Press Release) French US$100M-funded global leader, BlablaCar acquired Aventones, the Mexican start-up invested in by ALL Venture Partners, NXTP Labs and Fundación Chile and the most successful ridesharing platform in Latin America.
Aventones, the Mexican start-up founded by three young outstanding entrepreneurs, has demonstrated impressive growth traction in the Latin American markets it operates, becoming a strategic asset for BlaBlaCar. Originally launched as a B2B service, the ridesharing company quickly expanded from Mexico to Latin America with guidance and support of Start-up Chile.
As a part of its scaling of operations, Aventones was then backed by ALL Venture Partners as the lead investor, NXTP, and Fundación Chile during its first round of funding. Unveiling its key positioning, Aventones explored and discovered its potential by launching Rides, a peer-to-peer long-distance ridesharing platform. With this spin off, the team probed how to scale up the company’s impact. Its vision allowed for the company to win two government calls in 2013 and 2014 as a support from the high impact program of the Mexican National Entrepreneurship Institute (INADEM). Only this year, the Mexican-based company grew six fold in number of journeys serviced.
After several interactions, BlaBlaCar and Aventones have proven to be a perfect match. The two groundbreaking ridesharing companies complement each other’s success. This association allows Aventones to capitalize its solid market positioning and impressive growth traction in Latin America, while permitting BlaBlaCar to dive rapidly into new markets and thus consolidate its global strength. “I am eager to start working with BlaBlaCar as they are proving its admirable ability for a rapid and agile global expansion”, mentioned Cristina Palacios surrounded by Ignacio Cordero and Alberto Padilla, all three founding partners.
The service is part of the collaborative economy which has a market value of $26 billion dollars only in the US. Given its substantial benefits and innovative approach, city-to-city ridesharing has become a growing trend in big cities around the world. The Mexican government has promoted its use as a way to better utilize the empty seats in passenger cars; while drivers save money on fuel and tolls and passengers find an alternative to share travel expenses as they get to meet new people.
“This exit provides the Mexican ecosystem with the kind of success stories it needs. It shows that an outstanding team with a disruptive and highly scalable model supported by the right investors can succeed. I look forward to working with BlaBlaCar in the next chapter of this endeavoar” said Federico Antoni, Managing Partner of ALLVP.