Greek Startup FlexCar raises €210 million, eyes on global expansion

Car-as-a-service Greek startup FlexCar announced that it raised €210 million, in a record investment for the Greek ecosystem. London-based Fasanara Capital 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 more continents in the next year.

Founded in 2018, the Greek company makes car ownership flexible by simplifying the process of leasing a vehicle and minimizing advance payments, allowing individuals, freelance drivers, and businesses to get the desired vehicle (car, scooter or business van) without having to deal with bureaucratic procedures and paying deposits.

So far, FlexCar has invested over €100 million in the markets where it operates, having managed in just three years to increase its turnover eightfold. Last year the company also managed to raise €50 million from domestic and international investors. In addition to its presence in Greece and Cyprus, since last year FlexCar is also present in Italy, one of the largest markets in Europe at the moment.

The Greek company plans to fully invest the new capital in its international expansion to two more continents within the next 12 months, aiming to become the world leader in the field of flexible leasing.

“With this investment we are becoming global. Our first goal is the perfect service for our customers. I am thankful to our team and all the investors for their support and trust to achieve the international top, which is very rare for a Greek company,” George Desyllas, co-founder and CEO of FlexCar, said in a statement.

The company has set up the FlexCar Hub in Greece, from where it can provide uninterrupted support and the necessary services for its international development. The 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, making it possible to have the vehicle they want within 10 working days and keep it for as long as they prefer.

“The rapid growth of financial indicators and the huge acceptance of the public, confirm that our service solves a real problem in the mobility market. The new funding allows us to spread our wings worldwide and we are very pleased that an investor like Fasanara Capital is actually investing in the realization of our vision,” George Bizas, co-founder and president of FlexGroup, emphasized.

Currently, FlexCar employs more than 150 specialized executives in Greece, Cyprus and Italy. At the end of 2021, it proceeded to the acquisition of modern office buildings in Athens and Rome in order to satisfy the needs of its growing number of employees. The company also plans to double its headcount by 2023, with more hires in its marketing, technology, and finance departments.

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