The move sees the car group become a shareholder alongside MAIF, Koolicar's historic partner since 2010. Both firms invested €18m in the latest financing round, which is subject to the fulfilment of certain conditions, including, if necessary, the approval of the relevant anti-trust authorities.

Now present in around 40 French cities, with over 60,000 registered users, Koolicar started up its peer-to-peer carsharing operations back in 2012.

The funding will enable the French start-up to step up its strategic growth plan and obtain the means to equip up to 30,000 cars with its technology, thereby becoming a global player in the carsharing market. In addition, its team will also be expanded from 30 to 100 employees in Paris and Montreal, with new positions to be created in IT, marketing and customer service.

PSA Peugeot Citroën added that estimates that there will be 10-40 million carsharing users by 2020 in the five largest European economies.

Commenting on the new agreement, Brigitte Courtehoux, PSA Peugeot Citroën's senior vice-president, connected services and mobility, said: “Our acquisition of a stake in Koolicar is another step forward in our strategy as a mobility services operator. We want to operate right alongside our customers to provide them with the best mobility solutions.”

Stéphane Savouré, the founder of Koolicar said: “In a few short years, France has emerged as the global leader of the sharing economy. We are at the heart of this transformation and we are proud to have our growth supported by two major French groups which, apart from their financial support, will be providing us with market access, as well as technical and manufacturing expertise.”