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The 100 % digital vehicle rental rental platform was officially placed in receivership by the Paris Commercial Court this Wednesday, February 26, 2025. This decision comes according to our information after the brutal withdrawal of a last minute investor, compromising the company’s financing prospects. Now, Virtuo has until March 17 to find a buyer and try to ensure his sustainability.
A pressure sector, a weakened economic model
Founded in 2016, Virtuo initially had the ambition to revolutionize the rental of vehicles by targeting urban customers not having a car. Thanks to a completely digital process, the user could open and rent a vehicle directly from their smartphone, without a physical agency.
In May 2021, the company had raised 80 million euros, including 50 million in capital from Axa Venture Partners and the Large Venture Fund in Bpifrance, supplemented by 30 million euros in debt to Natixis and BPCE. This lifting was to allow Virto to extend to Europe, with the objective of being present in 10 countries in 2025. At its peak, Virtuo had 120 employees and a fleet of up to 4,000 vehicles to the peak of summer 2021.
However, the company has since undergone the double shock of a limited access to funding, symptomatic of the decline in the tech sector, and high competitive pressure on prices. Traditional players and new mobility platforms have drawn the rental prices down, while operating costs (maintenance, insurance, logistics) have continued to increase. This tension on the margins has strongly impacted the profitability of Virtuo, including the turnover dropped from € 32.7 million in 2023 to € 22.2 million in 2024, after a first withdrawal in 2022 (€ 30 million).
An activity that continues under surveillance
Despite this situation, Virtuo continues to operate normally during the observation period, and the reservations already made will be honored. The company, which connects professional rental companies to individuals via a mobile application, remains active on its main markets in France, notably in Paris (38,000 contracts in 2024), Aix-Avignon (6,000 contracts), Lyon (5,500 contracts), as well as on the Côte d’Azur, Marseille, Lille, Toulouse, Nantes and Montpellier.
With a workforce of 61 employees in France, Virtuo is now looking for a viable recovery solution. The court set for March 17 the deadline for submitting offers.
