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South Africa: Rental cars startup FlexClub raises $1.2 mln to extend activities

Wednesday, 20 March 2019 12:52
South Africa: Rental cars startup FlexClub raises $1.2 mln to extend activities

(Ecofin Agency) - 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). 

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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