FlexCar: New seed round and Mexico launch
The new funds will be used to further expand the company's fleet in the markets of Greece, Cyprus and Italy, as well as to strengthen infrastructure, human resources and introduce advanced technologies in its service portfolio.
FlexCar announces a new funding round that boosts the total investment funds of the Greek scale-up to 300 million euros in just 2 years (both in equity and in the form of loans). The new funding round was led by the prestigious American fund Data Point Capital, renowned for its top returns from investments in pioneering companies in the Internet, E-commerce and digital technologies sectors, which is added to FlexCar’s shareholding structure and consists of investors who are themselves highly successful entrepreneurs.
Seaya Ventures and VentureFriends, who have invested in the company in the past, as well as other investors, also participated, demonstrating their continued trust and renewing their support for FlexCar’s growth path.
The new funds added to the share capital of the FlexCar Group will be used to further expand the company’s fleet in the markets of Greece, Cyprus and Italy, as well as to strengthen infrastructure, human resources and introduce advanced technologies in its service portfolio.
At the same time, remaining faithful to its vision and development plans, FlexCar proceeded with its expansion in Mexico, opening an office with FlexAuto Mexico hosted in the emblematic building of the Spanish Embassy in Mexico City and already placing on the market the first vehicles for hire. Latin America is the company’s new stop for consolidating its presence outside European borders, with the car-as-a-service subscription model offered by FlexCar proving particularly attractive to the Mexican public, leading to high demand for the company’s services from the very first months of its activity. FlexCar’s debut in the new continent is in line with the strategic plan for greater extroversion and marks the entry into dynamic global markets, which unlock further growth prospects for the company in the field of flexible vehicle leasing and leasing services.
In addition, FlexCar was the first company to introduce the original concept of flexible leasing in the Greek market, quickly gaining consumer trust and gaining a large market share in just 2 years, acquiring solid foundations for its international expansion. Apart from Greece, Mexico joins the markets of FlexCar Cyprus and FlexAuto Italy, in which the FlexCar Group already has a presence, thus creating a strong ecosystem on a global scale. It is worth noting that FlexCar has “put on the road” in record time more than 10,000 vehicles in a particularly difficult period, utilizing in previous years the methodical supply planning, which ensured a large volume of new vehicles ready for delivery, in order to satisfy the increased demand and needs of its customers.
In addition, since the end of 2021 the company has created and operates OpenCars, a specialized business unit, which markets the cars of the FlexCar fleet, which have completed their life cycle within the scope of leasing services. These vehicles have a known track record and are available for sale on the market under the signature of the reliability and transparency of the FlexCar Group. OpenCars provides a solution that ideally completes FlexCar’s offer in the flexible leasing services ecosystem, complementing the portfolio of services available to the company to meet the needs of every individual and professional.In fact, FlexCar’s plans are in the coming months to expand OpenCars’ venture to foreign markets, utilizing the footprint and network of the FlexCar Group in Europe and America.
Finally, it should be noted that FlexCar is going through its 5th consecutive year of profitability, presenting an extremely healthy picture based on its financial results, which brings the steady and continuous trust of Greek and foreign institutional investors, as well as its customers. The FlexCar Group records triple-digit growth every year and has a team of 200 people in Greece, Cyprus, Italy and Mexico, offering a comprehensive flexible leasing service and excellent service experience.
