Otoqi raises a new round of financing
Otoqi raises €10 million to continue developing its delivery and fleet management services in Europe.
Otoqi, a specialist in courier services and fleet management, has announced that it has raised a further €10 million. The round of financing was conducted with its historical shareholders (Seventure, Aster and Verve), but also with Cassa Depositi e Prestiti and Swiss Post Ventures. The start-up, founded in Paris in 2016, has already raised its first round of funding in 2021, which enabled it to expand into Italy and Germany. Since then, it has increased its sales 7-fold and currently generates annual sales of €18 million, half of which is generated internationally. Otoqi is now planning to extend its courier and fleet management services to six new countries in Europe. The aim is to achieve annual sales of €100 million within four years, thereby strengthening its position as one of the European leaders in the sector.
Ambitious goals
With this round of funding, Otoqi plans to invest more than €2 million a year in its technology platform, with a priority on automation via artificial intelligence (AI) and the development of new tools for players in the sector. In particular, these developments will enable back-office functions to be optimised and services to be adapted to the specific local features of each market. The technology team will grow from 15 to 25 people. At the same time, this major new investment will enable Otoqi to industrialise its services, which cover all processes linked to vehicle distribution or rental. Thanks to these improvements, Otoqi aims to offer a seamless customer experience and standardised operational excellence across all its markets. The company already handles up to two thousand missions a day, and is aiming to complete more than half a million missions ranging from 1 to more than 1,000 km by 2023.
