FlexCar announced that it has secured new funding of 210 million euros, the largest ever made in Greece, with the participation of reputable fund Fasanara Capital based in London, within a few months of raising the 50 million euros from domestic and international institutional investors.The new round of financing involves investment in both the form of loans and the company’s equity, with Fasanara Capital being added to the shareholding structure of FlexCar, next to existing leading institutional investors such as Seaya Ventures, Arena Investors, VentureFriends, Uni.Fund and Frontline Ventures.
It is worth mentioning that FlexCar has already made investments of more than 100 million euros in the markets where it operates, having managed in just 3 years to increase its turnover eightfold and establish itself as a profitable company. More specifically, apart from its presence in Greece and Cyprus, last November it made a dynamic entry into Italy – one of the largest markets in Europe – which records growth at three times the rate compared to Greece.
At the same time, the new capital raised in this round of funding will be invested entirely in the brand’s international expansion to 2 more continents within the next 12 months, aiming at a global leadership in the flexible leasing industry. In addition, the company has proceeded to the creation of the FlexCar Hub in Greece, from where it can provide unhindered support and the necessary services for its international development, while it is estimated that by the end of 2022 the majority of new leases will take place outside Greece.
FlexCar customers enjoy a simple, accessible and all-inclusive service of absolute flexibility and quality service, paying only a fixed monthly rent which covers road tax, mixed insurance, maintenance and repair costs of the vehicle, everything with the exception of fuel.It should be noted that the plans of the management team include the gradual integration of new innovative products within the framework of the “Flex” philosophy, which will enrich the offered solutions of the company.
Currently, the FlexCar group employs more than 150 specialized executives in Greece, Cyprus and Italy, while at the end of 2021 it proceeded to the acquisition of modern office buildings in Athens and Rome, in order to serve the needs of the ever-increasing number of its employees. In addition, the company remains faithful to its commitment to further create quality jobs in the fields of operations, marketing, technology and finance, aiming to double its talented workforce by the end of 2023.
“The rapid growth of economic indicators and the huge public acceptance confirm that our service solves a real problem in the mobility market. The new financing allows us to spread our wings globally and we are very pleased that an investor like Fasanara Capital is actively investing in the realization of our vision.”, said George Bizas, Co-founder and President of FlexGroup.
“With this investment we become global. Our first goal is the perfect service for our customers. I feel blessed to be under the protection of the Holy Cross and my father, Father Dimitrios in Lycabettus and I thank our team and all investors for their support and confidence to achieve the international top, which is very rare for a Greek company.”, stated George Dessylas, Founder and CEO of FlexCar.
“The flexible leasing model represents an innovative sector of the Fintech ecosystem, which will gradually replace the concept of traditional ownership, supporting the more efficient use of resources in the spirit of promoting a circular economy. It is a great pleasure to support the FlexCar team as our companions in this journey.”, commented on behalf of Fasanara Capital, Mr. Francesco Filia, CEO.