A new car rental service, RTE reports

The number of car rentals being offered by online car rental company Carrentals.ie has more than doubled in the past year and it has just raised €1.4m from investors, according to a new report from RTE.

The company’s business model is to offer “low-cost, flexible and convenient car rental for the average Irish person”, it said.

It operates out of offices in Dublin and Galway.

The Irish Financial Times reports that RTE reported in November that Carrents.ie was the first car rental firm to raise more than €1m in venture capital funding in the country in the last 12 months.

It reported that Carraent is also the first of the “new breed of car rental companies” to be approved for government funding.

The report said that Carrrents is currently being funded by the Department of Transport and Communications (DOTC) and the Department for Education, Culture, Sport and the Gaeltacht.

The Department for Culture, Arts and Heritage is also backing Carraents venture.

In the coming weeks, Carrentys Irish subsidiary will launch its first offering in the Republic.