South Africa: Rental cars startup FlexClub raises $1.2 mln to extend activities
Wednesday, 20 March 2019 12:52
South African rental car startup FlexClub raised $1.2 million during a funding round managed by CRE Venture Capital. Savannah Fund, a fund targetting high growth Sub_Saharan firms, and Montegray Capital also took part in the fundraising.
FlexClub will use the funds to extend its activities out of Africa (in the Mexican market namely) in partnership with Uber Mexico.
The revenues generated by car rental activity in South Africa grew by 3.6% in 2017 to reach ZAR5.2 billion, according to a report published by the National Association of Automobile Manufacturers of South Africa (NAAMSA).
Chamberline Moko
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