The investment will fund Streetcar’s growth plans, which include geographic expansion and increasing the size of its car fleet.

Smedvig’s Johnny Hewett and Rob Toms are joining Streetcar’s board. The investment is Smedvig’s third in the transport management sector.

London-based Streetcar supplies cars last-minute to its members, providing an alternative to car ownership. The company, which also operates in Southampton and Brighton, has more than 10,000 members, a figure that is expected to triple each year. Streetcar is also looking to float soon.

Andrew Valentine, co-founder of Streetcar, says: ‘With membership growing so rapidly, there was a clear opportunity for an ambitious expansion plan. With Smedvig’s involvement we can now put this in place and make Streetcar available to a far wider market.’

Investment bank Altium is acting for Streetcar.