French startup BlaBlaCar raised $115 million led by VNV Global, where Otiva J/F AB and FMZ Ventures also participated
It’s a convertible note, which means that the valuation will depend on the next financial event, such as another fundraising round or an initial public offering. But BlaBlaCar co-founder and CEO Nicolas Brusson consider it as a “pre-IPO convertible” round as BlaBlaCar still has a ton of cash on its bank account.
Even if BlaBlaCar doesn’t go public right away (or doesn’t raise), there’s a clause with a time frame. After a while, those $115 million will convert into BlaBlaCar shares at a $2 billion valuation in case there’s no financial event.
BlaBlaCar wants to follow a different strategy. It wants to focus first on a handful of countries so that it can sell everything a local would expect.