Spanish car subscription company Revel has designs on ‘accelerated growth’ in the coming months, as it bids to become a market leader in Europe in what is fast becoming a competitive market, with some fresh funding and a credit line. The Madrid-based digital platform provides a car subscription service as an alternative and flexible way to own an electric car.
The startup, which was founded by Enrique de Mateo and Daniel Marcos in 2020 has raised a funding round of €115 million. The round is made up of debt and equity funding, with the debt funding providing a facility of up to €100 million. Those involved in the funding round include Santander Consumer Finance and funds managed by KKR. The raise will enable Revel to further develop its platform and ‘accelerate its growth in the coming months’.
“At Revel we are very satisfied with the closing of this round, which supports the work done so far by the entire team and which entails, not only having the capital that will allow us to continue growing and advancing but also having leading strategic partners globally," says de Mateo.
Lead image: via Revel. Photo: Uncredited.