Blacklane, a global chauffeur services provider, announced the closing of its largest financing round to date. The Series G round secures an investment of €60 million ($65 million) and marks a valuation increase of approximately 25% compared to the previous round in September 2023. Most existing investors supported this capital increase, which will strengthen Blacklane’s investment strategy and support the company’s healthy global growth strategy.
In connection with this investment, Blacklane plans to expand its operations in its largest market, the U.S., sharpen its focus on the Middle East, and continue its business in Europe. And this also enables Blacklane to diversify its business model with global and local mobility solutions while rolling out new services to its guests in the customary high-service quality.
Regarding Saudi Arabia, the business will launch in several key cities, deploying a fleet of electric vehicles (EVs) and creating quality local jobs, which will include the on-of-its-kind training of female and male chauffeurs in Blacklane’s unique Chauffeur Academies.
This partnership with TASARU will also involve collaboration with local market players such as airlines and airport transfer companies to provide seamless luxury chauffeur services tailored to the needs of Saudi Arabia’s growing market.
This funding comes during a time of strategic global and local expansion for Blacklane when its services are available in more than 50 countries, delivered by thousands of chauffeurs. And with its strong momentum, Blacklane is pursuing strategic goals and investing in different business pillars such as Airport Transfers and City-to-City connections between metropolitan areas, as well as newly launched services, i.e. In-City mobility solutions in Dubai, UAE, Miami, Florida, U.S. and London, UK.
The Series G round showcases Blacklane’s role as a pioneer in the luxury mobility industry, providing high-quality service by local and global competitors. And this is evidenced by its robust growth trajectory, backed by revenue figures indicating 25% year-on-year growth. Blacklane has been profitable since spring 2022.
This funding will support Blacklane’s sustainability efforts by implementing innovative mobility solutions. Blacklane is also conducting carbon offsetting of all its rides back to its founding in 2011.
KEY QUOTES:
“We are delighted to have TASARU as a long-term strategic investor as its mobility know-how will be a big asset to Blacklane. We could not wish for a better partner to achieve our goals. Moreover, 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.This financing round is a strong signal and acknowledgement of what the Blacklane team has accomplished over the last years.”
– Dr. Jens Wohltorf, CEO and co-founder of Blacklane
“We are excited to partner with Blacklane, a company that shares our vision for innovation and sustainable growth in the mobility sector. This investment is a testament to our commitment to fostering a thriving automotive and mobility ecosystem in Saudi Arabia, in line with Vision 2030.”
– Michael Mueller, CEO of TASARU Mobility Investments
“At Mercedes-Benz Mobility, our customers are at the center of everything we do, and our goal is to exceed their expectations. As the largest shareholder of Blacklane, we have been united by a strong partnership and a clear customer focus for over 10 years. We look forward to continuing this successful collaboration and delivering exceptional experiences.”
– Franz Reiner, CEO of Mercedes-Benz Mobility AG
