Blacklane, a global chauffeur services provider, announced the successful closure of its largest financing round to date. The Series G round secures an investment of 60 million euros ($65 million) from Tasaru Mobility Investments, a Saudi company, and marks a valuation increase of approximately 25% compared with the previous round in September 2023.
The majority of existing investors, according to the announcement, supported this capital increase which will further strengthen Blacklane’s investment strategy and support the company’s healthy global growth strategy.
Jens Wohltorf, CEO, said the company is “delighted” to have Tasaru as a long-term strategic investor as its mobility know-how will be a big asset to Blacklane. Moreover, he said, “we are delighted to have a strong set of existing investors, such as Mercedes-Benz Mobility, Gargash Enterprises, Al Fahim Group, Alstin Family and RI Digital Ventures, supporting our sustainable and long-term investment strategies.”
Under the investment, Blacklane plans to expand its operations in its largest market, the US, sharpen its focus on the Middle East, and continue its business in Europe. This also allows Blacklane to diversify its business model with global and local mobility solutions while rolling out new services to its guests.
Specifically regarding Saudi Arabia, the business will launch in several key cities, deploying a fleet of electric vehicles (EVs) and creating local jobs, which will include training of female and male chauffeurs in Blacklane’s Chauffeur Academies.
The partnership with TASARU will also involve collaboration with local market players such as airlines and airport transfer companies to provide luxury chauffeur services tailored to the needs of Saudi Arabia’s growing market.
Michael Mueller, CEO of Tasaru, said the investment “is a testament to our commitment to fostering a thriving automotive and mobility ecosystem in Saudi Arabia, in line with Vision 2030.” Vision 2030is a government program launched by the Saudi Arabia which aims to achieve the goal of increased diversification economically, socially and culturally.
Image: Blacklane
