EIB supports Vay with 34 million euros

Innovative car sharing model. Berlin-based tele-driving startup Vay is backed by an EIB loan to expand sustainable mobility services in Europe

October 17, 2024 - The European Investment Bank (EIB) is providing a EUR 34 million venture debt loan to Berlin-based tele-driving startup Vay. The financing is backed by a guarantee from the European Union's InvestEU program. Vay intends to use this support to expand its technology and mobility services in Europe.

Expansion of Vay: mobility service on the European market

Vay offers an innovative car-sharing model in which professionally trained tele-drivers steer cars safely through city traffic from a distance. Following the launch in the USA, where the company has been active in Las Vegas since January 2024, the service is now to be expanded in Europe and other cities worldwide. The company is planning B2B partnerships with car manufacturers and other strategic players in order to further scale the service.

Sustainable mobility and door-to-door service

Vay's concept enables vehicles to be delivered remotely to the pick-up location, where the customer picks up the car and drives it themselves. After use, the tele-driver takes control, parks the car or takes it to the next customer. This solution offers a more sustainable and cost-effective alternative to conventional driving services by reducing the number of vehicles on the roads.

Supporting the EIB is an important step for our growth and strengthens confidence in our technology in Europe. We are working to make mobility in cities more efficient and sustainable.

Thomas von der Ohe, CEO and co-founder of Vay

Cooperation with cities and legal developments

Vay is the first company in Europe to operate on public roads without safety drivers. A milestone was the successful test operation without safety drivers in Hamburg in 2023. Vay continues to work closely with the authorities to enable market entry in Hamburg and other cities.

Vay's technology opens up new paths to clean, efficient mobility and shows how Europe can support tech pioneers.

Nicola Beer, EIB Vice-President

The EIB loan is part of the InvestEU program, which the EU plans to use across Europe until 2027 to support new technologies, research and development.