• As part of a record investment for the Greek ecosystem, car-as-a-service start-up FlexCar announced that it had raised 210 million euros.
• Fasanara Capital, based in London, was a leading investor. VentureFriends, Uni.Fund, Frontline Ventures, Seaya Ventures and Arena Investors also participated in the round.
• With the new funds, the company plans to expand to two additional continents over the next year.
Founded in 2018, the Greek company makes car ownership is flexible by simplifying the process of leasing a vehicle and minimizing advance payments, allowing individuals, independent drivers and companies to obtain the desired vehicle (car, scooter or professional van) without having to deal with bureaucratic procedures and paying deposits.
So far, FlexCar has invested more than 100 million euros in the markets where it operates, having managed to increase its turnover eightfold in just three years. Last year, the company also managed to raise 50 million euros from national and international investors.
In addition to its presence in Greece and Cyprus, FlexCar has also been present since last year in Italy, one of the largest markets in Europe currently.
Aiming to become the global leader in flexible rental
The Greek company plans to fully invest the new capital in its international expansion across two additional continents over the next 12 months, with the aim of becoming the global leader in flexible leasing.
“With this investment, we are going global. Our first goal is the perfect service for our customers. I thank our team and all investors for their support and trust to reach the international top, which is very rare for a Greek company”, George Desyllas, co-founder and CEO of FlexCar, said in a report.
The company has established the FlexCar Hub in Greece, from where it can provide uninterrupted support and services necessary for its international development. Management also plans to include the gradual integration of new and innovative products within its portfolio. FlexCar’s current model offers customers flexibility with minimum refundable deposits, allowing them to have the vehicle they want within 10 business days and keep it for as long as they want.
“The rapid growth in financial indicators and the enormous public acceptance confirm that our service solves a real problem in the mobility market. This new funding allows us to spread our wings around the world and we are very happy that an investor like Fasanara Capital truly invests in realizing our vision,” underlined George Bizas, co-founder and president of FlexGroup.
Currently, FlexCar employs more than 150 specialist managers in Greece, Cyprus and Italy. At the end of 2021, it acquired modern office buildings in Athens and Rome in order to meet the needs of its growing number of employees. The company also plans to double its workforce by 2023, hiring more in its marketing, technology and finance departments.