Idoneo.com, Spain’s largest leasing marketplace, has secured a 550,000 euros financing round to accelerate its growth and consolidate its leadership in the country, with the goal of having a total fleet of 3,000 automobiles by 2021.
The company, which was founded only two years ago, acts as a middleman between users who want to enjoy a car without the hassle of purchasing one and leasing operators and dealers who upload their leasing offers to the platform.
With this new funding, the company hopes to quadruple its revenue from last year, when it invoiced a total of 300,000 euros and received support from Lanzadera, Juan Roig’s startup accelerator. “By 2021, we expect a 1.3 million euro increase in turnover, with a fleet of 3,000 cars,” says Eduardo Clavijo, co-founder and CEO of Idoneo.com.
DraperB1, which has previously backed projects such as Signaturit, Streamloots, and Jeff in Spain, and is part of Tim Draper’s Draper Venture Network, which has invested in firms such as Baidu, Skype, SpaceX, and Tesla, has led the financing round. The round has also been joined by a number of current partners and business angels.
We won’t buy cars in the future
Car leasing is expanding rapidly, owing primarily to the rising uncertainty around the purchase of a car.
“Deciding if we want to buy a car, and which one, has become a complicated process, especially during the past year with the increase of financial risk. Changes in legislation affecting combustion engines might lead your car to lose a significant amount of value on the secondary market in a matter of days”. According to David Eguizábal, COO and co-founder of Idoneo.com, “auto leasing is the way of the future,” as witnessed in the rest of Europe.
Hire a car in five minutes
The company’s goal is to make transportation more adaptable, inexpensive, and digital. And for this, they’ve created a technology that allows customers to rent a car from the comfort of their own homes and have it delivered to their front door.
“Idoneo.com allows you to rent a car in as little as five minutes and have it delivered right at your house using only your phone. Thanks to our financial risk analysis system, we are able to know whether a lease transaction has been approved by the finance firm in real time”, establishes Eguizábal.