Greek Start-up FlexCar raises € 50 million

FlexCar, the Greek automobile leasing start-up, announced the investment of € 50 million from international and Greek venture capital funds.

Athens, Greece: 30 June 2021

FlexCar was founded in 2018 in Greece with the objective of changing the way of acquiring and using a car for Greek and Cypriot consumers. With FlexCar, any customer (whether individual or business) can lease a vehicle.

The FlexCar business model includes:

Purchasing autos on behalf of buyers;
Achieving economies of scale in terms of the purchase, maintenance, insurance and other critical services;
Leasing the car to a customer with all expenses paid except fuel

FlexCar has already invested in Greece and Cyprus, mainly building up their fleet. A total of 100 employees are expected by the end of 2021, with 200 recruits expected in 2022.

Greek venture capital fund VentureFriends was joined by Seaya Ventures of Spain in the latest capital raise. Apostolos Apostolakis, the founding partner of VentureFriends, said that

‘In the 15 years that I have been in the field of technology as an entrepreneur and investor, I have not come across a company that has such fast and healthy growth. The rapid growth combined with the growing profitability that FlexCar has achieved is an extremely rare phenomenon for the global technology business scene.’

Navigator Consulting supports tech start-ups and investors with strategic growth, due diligence, fundraising, and internationalisation services.

Sources:

FlexCar: «Απογειώνεται» με νέο γύρο χρηματοδότησης 50 εκατ. Ευρώ

Newmoney. 30 June 2021

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