Founded in 2023 in Mexico City by Edson Arteaga, Drivana is a startup that seeks to transform the car rental experience in Latin America through its peer-to-peer car sharing platform.
The model, which works as a marketplace, connects vehicle owners with users, offering an accessible, flexible and frictionless alternative to traditional car rental services. Recently, the startup announced that it raised USD $1 million in seed funding, which will be used to continue its expansion in Mexico.
The round was led by Grupo Felni (investors in Turo). It included participation from Movtech Capital, Nut VC, Ferter VC, RC Ventures, Arkangeles and several other angel investors.
This follows the company’s pre-seed round in October 2022, led by RC Ventures, the investment arm of Ravid Chowdhury, who has backed mobility companies and marketplaces such as Truck Lagbe and Pathao platforms, which have collectively raised over $50 million in venture funding.
Betting on the industry in Latin America
Currently, the size of the vehicle rental market is valued at $136 billion, and is projected to reach a value of $464.69 billion by 2032
With thousands of vehicles listed and more than 200 models available, Drivana covers a wide range of customer needs. Operating in five key cities, the startup solves major industry issues such as hidden fees and credit card payment barriers.
“After personally experiencing these frustrations, I knew there had to be a better way. It is absurd that thousands of cars in Mexico and Latin America remain unused 95% of the time, becoming liabilities for their owners,” said Arteaga in a company statement. “Drivana turns this inefficiency into an opportunity, offering owners a source of income and providing users with a transparent and high quality experience. The price you see is the price you pay, with no surprises, and insurance is always included. We don’t compete on price; we compete on the quality of the experience.”
Prior to founding Drivana, Arteaga built a distinguished career in finance and startups, holding roles at KPMG, Ignia and deVere Group. He also founded Wallix and Dash Scooters, which further fueled his passion for innovation in fintech and mobility.
Edson is a graduate of Tec de Monterrey, a prestigious university in Mexico, and holds a Master’s degree in Innovation and Entrepreneurship from the University of Liverpool.
Strategic model
According to Arteaga, the traditional car rental market is in need of a total transformation due to hidden charges, overbooking and “the lack of a customer-centric approach.
For his part, Ravid Chowdhury, founder of RC Ventures, explained that the Drivana model comes from the success of such marketplaces in other markets, which are also ready to be replicated.
“Turo’s upcoming IPO as the most profitable marketplace company in history demonstrates the profitability and scalability of this model,” Chowdhury said in the statement. “Its metrics are extraordinary. After evaluating existing players, we identified that the Drivana team was the best positioned to execute this model in Latin America.”
According to the investor, Drivana is not only about car rental; it is a fintech and insurance platform. “It helps fleets and rental businesses to insure, finance and optimize their vehicles, consolidating itself as a key player in the mobility ecosystem.”
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