Ride sharing platform Blablacar is understood to be raising an additional $160 million (£104 million), giving the new tech unicorn a valuation of $1.2 billion (£780 million).
The French startup raised $100 million just last year but TechCrunch today reported that the company is seeking a Series D round from Insight Venture Partners and a syndicate of angel investors.
A TechCrunch source said the deal has already closed.
Blablacar has previously received funding from Index Ventures, Accel Partners, Leading Edge Capital and ISAI but it doesn’t look like they will be contributing to the next round.
Blablacar members can offer empty seats in their cars on a trip for a fee, allowing them to save costs while others can arrange a relatively cheap trip.
In April, the company said it had 20 million users and was active in 18 countries.
Earlier this year, the company's chief operating officer, Nicolas Brusson, urged European startups to think globally from the outset.