High-Impact Entrepreneurship

Mexico’s Carrot Raises $2 Million In New Funding Round, Aims to Lead Car-Sharing Market

Carrot-car-450x300Mexico-based Carrot, founded by Endeavor Entrepreneurs Diego Solorzano and Jimena Pardo, recently raised $2 million in a series B funding round led by Venture Partners. With participation from Auria Capital  and previous backer Mexico Ventures, the company’s total funding has reached $3.5 million.

The car-sharing model, similar to the popular U.S.-based service Zipcar, is looking to lead the car-share industry in the region, offering an alternative to vehicle ownership and rentals in the emerging Mexican market. Over the next two years, the Carrot team aims to expand to 10,000 members in 15 cities and add more than 300 cars to its fleet. Following the acquisition of competitor Ubicar in 2012, Carrot currently operates in Mexico’s three largest metro areas. The investment will help the team continue to drive plans for national expansion while also exploring other markets in the region.

Since joining Endeavor at the 44th Endeavor ISP in London in 2012, Diego and Jimena are demonstrating their high-impact potential by becoming active members of the network, receiving custom advising from local Endeavor mentors and participating in Endeavor Investor Network events.

Read more about Carrot’s funding news in TechCrunch.

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