CarTrawler, a Dublin-based provider of car rental and mobility solutions to the travel industry, has secured €100 million (approximately $109 million) in a controlling equity investment from TowerBrook Capital Partners. Headquartered in both London and New York, TowerBrook focuses on control investments in large and mid-market companies.
The B2B travel tech company provides a marketplace for ground travel, essentially an end-to-end car rental platform, which opens up a new revenue stream for clients, which include massive brands such as American Express, Alaska Airlines, easyJet, Hotels.com, KLM and Emirates.
Commenting on the investment, CEO Cormac Barry said, “Like many companies in the travel sector, we have experienced material trading impacts as a result of COVID-19, but the crisis will pass and this deal will allow us to further enhance our proposition to our partners and our suppliers.”
Founded in Dublin in 2004, the company now has offices in New York City and Melbourne. With the help of the fresh financing, it plans to expand further around the globe.