• The Greek scale-up FlexCar successfully exceeded 300 million euros in investment;
• The latest round was led by American company Data Point Capital, known for its investments in pioneering companies in the e-commerce and digital technology sectors;
• The new capital will be used to expand the company’s fleet in the Greek, Cypriot and Italian markets, as well as its new market, Mexico;
The Car-as-a-Service startup simplifies the vehicle rental process and allows its customers to get the vehicles of their choice without having to deal with bureaucratic hassles.
The new funds will strengthen the company’s workforce and infrastructure and integrate advanced technology solutions into its service portfolio. FlexCar also aims to leverage these investments to consolidate its position in these markets and further improve its flexible vehicle rental services.
“The key idea regarding the core product and customer experience is to evolve our offering into a fully integrated platform, covering all kinds of services related to the use and maintenance of a vehicle, while creating new technological functionalities made possible by vehicles. trackers and creating an IoT databank to support more product innovations and automations. We are also working on additional online/mobile features that will allow customers to have a more streamlined experience with their vehicle. » George Bizas, president and co-founder of FlexCar.
To achieve this feat, the company is working on the digitalization of the user experience by transforming the stages of the customer journey.
Activation/acquiring processes will be able to be completed online, and the company is also adding e-commerce capabilities and launching an integrated mobile app that will allow customers to enjoy a more streamlined experience with their vehicle (e.g. payments online, maintenance appointments, fleet management, loyalty programs, etc.).
Go global by entering Mexico and exploring new markets
Simultaneously, FlexCar is expanding its operations in Mexico, marking its entry into the Latin American market. The company opened its FlexAuto office in the Spanish Embassy building in Mexico City and has already made its vehicles available for rental.
FlexCar’s debut on the new continent aligns with the strategic plan aimed at greater extroversion and marks its entry into dynamic global markets, which opens up more development prospects and growth potential in the field of car rental. flexible vehicles and leasing services, the company said in a press release.
For investors such as VentureFriends, who have been support the company since its inception in 2018, the expansion is a testament to the success achieved so far as well as its future plans.
“FlexCar found a product that was perfectly suited to the market right from the start and has seen very consistent growth ever since. The only question mark was international scalability, which the company responded to with a successful expansion in Italy and now with an even more successful launch in Mexico. We are very happy to be part of the FlexCar journey since day one and look forward to what the future holds,” Apostolos Apostolakis, founding partner of VentureFriends, told The Recursive.
The expansion also aligns with the company’s strategic plan for global growth, including into new markets, FlexCar adds.
“The expansion into Mexico aligns with the Group’s strategic plan for global growth, including in markets like Israel. Our performance to date has proven that there is strong demand for the FlexCar offering and the Group’s objective is to activate new targeted markets in which their offering is very attractive to consumers and these markets represent enormous potential growth (sector interest and customer base) which will allow the Group to further establish its authority as a global leader in mobility and car rental services in the form of subscription/flexible rental. » George Desyllas, CEO and co-founder of FlexCar, added.
In addition to its rental services, FlexCar launched OpenCars, a specialized business unit that markets its selection of cars that have completed their life cycle.
The company initially introduced the concept of flexible vehicle rental to the Greek market, quickly gaining consumer trust and acquiring significant market share within two years. Despite the challenges posed by the market, FlexCar has managed to deploy more than 10,000 vehicles to meet the growing demand and needs of its customers.