South Africa’s Car-Rental Startup, FlexClub, Secures An Additional $5mn Funding In Seed Round
Car-Rental Startup, FlexClub has just secured an additional $5 million in funding to boost drivers’ experiences in these markets. The startup links customers seeking convenient access to long-term cars with partners that sell car subscriptions.
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“When we first started, we were focused on phase one of our strategy, which came from our knowledge about ride-hailing drivers because of our careers at Uber, We wanted to help a community of ride-hailing drivers that had been excluded from accessing cars. But right now, we’ve built the product to work for anyone and not just ride-hailing drivers.” Tinashe Ruzane Co-founder FlexClub said.
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Why The Investors Invested
- Investors in this round include Kindred Ventures — its lead investor — which had previously invested in mobility-first companies like Postmates, Uber, and Virgin Hyperloop. CRE Venture Capital and Endeavor are two other venture capital firms. The round included angel investors such as Matt Mullenweg, the founder of WordPress; Federico Ranero, the COO of KAVAK; Tariq Zaid, formerly of Shopify and Getaround; and Ron Pragides, formerly of Twitter and Salesforce.
- In 2019, CRE Venture Capital led a $1.2 million seed round for the company.
- This $5 million (in equity and debt) is a seed extension round, according to Ruzane, the company’s CEO, taking FlexClub’s overall investment to over $6 million.
- The money will be used to develop the company’s infrastructure, which prevents and reduces partners’ risk exposure, according to the company.
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What You Need To Know About FlexClub
Founded in 2019, by Marlon Gallardo, Rudolf Vavruch, and Tinashe Ruzane, FlexClub connects customers seeking convenient access to long-term cars with partners that sell car subscriptions.
The startup has operations in South Africa and Mexico. It maintains a partnership with Uber in both countries, where it helps Uber’s drivers to subscribe for cars.
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