Mundus Bridge Finance fund providing EUR 4 million for expansion of CityBee fleet
The Mundus Bridge Finance private debt fund has signed an agreement on a EUR 4 million bond programme with CityBee, a provider of car-sharing services owned by Modus Group. Modus Group will use the money thus raised from the fund to finance expansion of the CityBee fleet. The company plans to acquire a variety of models to broaden and enlarge the range of vehicles it offers customers.
Last year, CityBee’s revenue in Lithuania grew by 50 percent to reach EUR 47 million
In 2021, the consolidated sales revenue of CityBee, which provides car-sharing services throughout the Baltic region, reached a record high in Lithuania and amounted to EUR 47 million. Compared to 2020 (EUR 31 million), this represents a growth of 50 percent. The revenue from car-sharing services segment grew by 17 percent and reached more than 21,3 million euros. Last year, the international group Modus Group, which owns CityBee, invested EUR 26 million in mobility services (CityBee and MyBee), four times more than the investments in 2020. CityBee is planning to actively expand in both its existing and new markets in the upcoming years.
5 tips for drivers: how to save money when prices are rising
According to the Department of Statistics, in March, inflation caused by rising raw material prices and additionally fueled by the war in Ukraine rose to a record 15.6 percent in Lithuania and is the largest since 1994. It affects today's car market in two ways: vehicle prices and maintenance rises as well as fuel gets more expensive. Experts at CityBee, a short-term car rental platform, advise how drivers can save during inflation.
CityBee helped Lithuanian Police arrest a criminal wanted by Interpol
In attempts to trace a stolen company vehicle, the Lithuanian platform CityBee, providing short-term car rental services, helped the Lithuanian Police arrest a person wanted by the International Criminal Police Interpol.
CityBee takes aim at unruly drivers with automated speeding detection and warnings
Drivers of CityBee vehicles who sharply exceed the speed limit will now get automated calls warning them of the potentially dire consequences of unsafe driving and urging them to act responsibly on the road. The company says such measures are highly effective – more than half of unruly drivers immediately reduce their speed when they are warned.