Faraday Ventures backs Madrid car rental market Renting Finders for €700,000 seed round

Madrid-based Renting Finders, a car rental marketplace in Spain and Portugal, announced on Tuesday that it has raised €700,000 in a new round of funding. The company says the new funds will help it accelerate its growth and continue its internationalization in Europe.

The round was led by Faraday Ventures Partners. Existing investors including Tadium Invest, IPGlobal, Koejans Capital and Sembi also participated in this round.

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Jaime Biel, Partner at Faraday, said: “Renting Finders has grown tremendously since its inception and the business has great long-term potential, making it a very attractive investment. We are very pleased to be able to support the company in its next phase of market consolidation.

What does Renting Finders offer?

Founded in 2018 by Arturo Alvarez Podhorecka and Javier Maside Echavarren, Renting Finders claims to specialize in aggregating the “best” rental vehicle deals on the market. The platform has gained more than 3,000 private and professional customers in Spain and Portugal.

The company aims to transform the rental process by offering a fully digital, user-centric experience that enables vehicle rental in less than 15 minutes. Renting Finders offers over 2,000 automobiles from major leasing companies, all of which can be delivered to customers’ doorsteps in less than three weeks. It also includes exclusive coverage that minimizes the risk of non-monthly payments for its customers.

The terms of a car rental agreement generally vary from 15 months to 60 months. However, Renting Finders do contracts from 24 months to 60 months. The most common lease term is around 48 months (4 years), depending on the company

However, “If you are in urgent need of a new vehicle, in our selection of cars you can find some marked with fast delivery. The feasibility study of these selected cars is processed online in just five minutes, so you can have it within days,” says Renting Finders.

Use of capital

The Madrid-based startup says it will use the funds to increase its marketing budget, bolster its workforce and be ready to enter its third market. The company employs 40 people and has offices in Madrid and Lisbon.

According to CEO and co-founder Arturo Álvarez, “Despite the current shortage situation in the automotive sector, we have been able to grow by 60% in 2021 and manage to internationalize the business. Rental is already a reality among the private public and Renting Finders helps them get better service than they can get if they rent a vehicle on their own, at a better price, with no extra costs and no paperwork.

About the investor

Founded by Gonzalo Tradacete, Faraday Venture Partners is a club of private investors that claims to offer an exclusive investment service to its partners. The firm analyzes innovative start-up projects requiring private financing and proposes investment projects to partners, co-investors and business angels.

The firm invests in early-stage startups across Europe deal by deal via its Clubs, established in Spain since 2012, in Germany since 2019, in Benelux since 2021, and soon in Italy, or the entire fund via its venture capital funds.

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