Estonian transportation platform Forus International acquires car-sharing service Autolevi
This is the exit for business angels Kaspar Hanni, (Partner at Estonian fund Specialist VC and a member of the management board of the Estonian Business Angels Network EstBAN) who owned 8.05%, Andrus Valma (14.55%), and Kuido Lepik (14.54%). In 2017, they invested €60K in Autolevi. Also, the company raised funds from other private investors on the crowdfunding platform Funderbeam.
After the acquisition, Funderbeam investors will be paid €0,56 per share. According to the company’s founder and CEO Tauri Kärson, the latest price of Autolevi shares before the deal was €0,46.
Tauri Kärson will continue to lead Autolevi. In the third quarter of 2023, Forus plans to add new solutions to its application: renting small items such as furniture or photo cameras.
Forus International was launched in April 2022 by Estonian entrepreneur Urmas Sõõrumaa whose businesses are connected to construction, real estate, building management, safety, and ride-hailing services. The company has over 200K customers and more than 10K taxi drivers from Estonia, Latvia, Lithuania, and Malta. Forus offers its drivers and customers to collect points (US Token), which they can exchange for the company's shares within 5 years. Every €100 earned or spent on the platform is equivalent to 1 US Token.
Autolevi was founded by Simo Sulev and Tauri Kärson in 2013. It has more than 45K users and 2,2K vehicles in Estonia, Latvia, and Finland. All cars, minibuses, and vans are insured with Autolevi insurance.
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