Vay’s €84 Million Series B Financing Round

YPOG advised Project A Ventures and Visionaries Club on the deal. PXR advised Vay.

Berlin-based Vay has raised €84 million in a Series B funding round, which increases the total investment in Vay to €128 million. Vay is now the most well financed company in the sector of autonomous driving in Europe.

The new funding will be used for technological development and growth of the operating business. After two years of intensive testing, Vay intends to launch its first fleet of remotely operated electric vehicles for commercial use in 2022. Staring in Hamburg, the company plans to cover several major German cities in in mid-term. With further innovation, cars will be enhanced with more autonomous features in order to achieve fully autonomous driving – named as Level 5 – in the future.
The main participants in Vay’s $95 million Series B funding round include new investors Kinnevik, Coatue, and Eurazeo, with existing investors Atomico, La Famiglia, and Creandum continuing their support. Project A, Visionaries Club and signals Venture Capital also participated in the round, as well as former Google CFO Patrick Pichette, and Spotify board member, and Zalando board chair Cristina Stenbeck.

The mobility startup was founded in 2018 by Fabrizio Scelsi, Thomas von der Ohe and Bogdan Djukic. Based in Berlin, Vay is a pioneer in the autonomous driving segment and regards the continued development of its vehicles as “human-machine collaboration. Vay’s initial goal is to offer an autonomous car-sharing service in which the car is driven to the customer remotely. In this Vay is supported by Project A Ventures, Visionaries Club, Atomico, La Famiglia and others.

The YPOG team for Visionaries Club included Dr. Benjamin Ullrich (Picture – Lead/Transactions), Partner; Dr. Adrian Haase (Transactions), Senior Associate.

The YPOG team for Project A Ventures included Dr. Frederik Gärtner (Lead/ Transactions), Partner; Alexander Sekunde (Transactions), Associate.

The PXR team included Dr. Peter Möllmann, Janina Möllmann and Theresa Schleimer.

Involved fees earner: Janina Möllmann – PXR Legal; Peter Möllmann – PXR Legal; Theresa Schleimer – PXR Legal; Frederik Gartner – YPOG; Adrian Haase – YPOG; Alexander Sekunde – YPOG; Benjamin Ullrich – YPOG;

Law Firms: PXR Legal; YPOG;

Clients: Project A Ventures GmbH & Co. KG; Vay; Visionaries Club GmbH;

Federica Tiefenthaler

Author: Federica Tiefenthaler