Car subscription marketplace FlexClub secures additional investment
FlexClub has secured a further $5 million in funding to scale its unique car subscription marketplace. FlexClub’s car subscription marketplace is currently available to individuals and small businesses in South Africa and Mexico.
According to FlexClub co-founder and CEO, Tinashe Ruzane, the latest fundraising round was led by Kindred Ventures, early backers of global technology businesses such as Uber, Postmates, Virgin Hyperloop and Coinbase.
Established in 2019, by co-founders Marlon Gallardo, Rudolf Vavruch and Tinashe Ruzane, FlexClub is an online marketplace that connects customers looking for flexible access to long-term cars with its partners offering car subscriptions. FlexClub’s innovative rewards technology enhances the experience for its members, while reducing risk for its partners.
Through this technology, FlexClub is able to assess the risk profile of its members using several alternative data sources and rewards its members for responsible vehicle usage.
Since it collaborated with Uber in Mexico and South Africa in 2019, helping their community of drivers subscribe for cars that become cheaper to purchase every month through rewards, the FlexClub model of all-inclusive car subscriptions has gained significant traction.
“With seasoned and highly respected VC investors like Kindred Ventures, CRE Venture Capital and Endeavor getting behind our mission, we’re well placed to usher in the future of how people get cars in markets like Mexico and South Africa,” Ruzane says, “and the support from prominent angel investors, like Matt Mullenweg (founder of WordPress), Federico Ranero (COO of KAVAK), Tariq Zaid (formerly of Shopify and Getaround) and Ron Pragides (formerly of Twitter and Salesforce), further validates the incredible global opportunity for our technology to reimagine commerce in the automotive industry.”
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