Algeria’s Carvex in the Midst of a €2 Million Funding Round to Accelerate Its Expansion in the Digital Car Rental Market

Algeria 08 October 2025:

Algeria-based Carvex, the country’s first digital car rental franchise, announced that it is currently in the midst of a €2 million funding round aimed at accelerating the execution of the first phase of its growth strategy and scaling its operations across the Algerian market before expanding regionally in the coming years.

The company stated that the Algerian car rental market represents a €1.5 billion opportunity in 2024, much of which remains informal and largely non-digitalized. With more than 120,000 cars already in operation, Carvex aims to bring structure, transparency, and digital efficiency to a sector still dominated by manual processes.

Through its modern application and website, Carvex offers a fully digital experience with secure online payments, flexible insurance, and transparent pricing, ensuring a seamless and unified customer experience across all its network locations.

The company’s revenue model combines short-term rentals, long-term rentals, and value-added services, enabling a diversified and sustainable income stream. Carvex projects a 17x increase in revenue over the next five years and anticipates returns of up to 6x for its investors.

Starting in its fifth year of operations, Carvex plans to expand beyond Algeria’s borders, targeting 50 offices in Algeria, 30 in Morocco, and 20 in Tunisia, solidifying its vision to become a leading digital mobility network across North Africa.

According to Carvex, the timing of this funding round aligns with strong market demand and the rapid adoption of digital payment solutions in Algeria, both local (CIB, Edahabia) and international (Visa, Mastercard). With 3.5 million annual visitors and a population of 47 million in 2024, Algeria’s growing tourism and mobility sectors present a promising environment for Carvex’s expansion.

As the first structured and digitalized player in the Algerian car rental market, Carvex positions itself as a pioneer driving the digital transformation of mobility in a sector still heavily reliant on informal operations and manual booking channels such as WhatsApp.