Madrid-based REVEL, a company that offers a 100 per cent digital car subscription service, announced on Friday that it has secured €115M in a fresh round of funding.
The deal has been carried out in collaboration with Santander Consumer Finance, and credit funds and accounts managed by KKR, among others.
The round comprises a €15M equity investment and the establishment of a debt financial structure of up to €100M in partnership with KKR.
REVEL has crafted a financial structure in partnership with KKR and Santander Consumer Renting SA to finance the vehicles on its platform. REVEL says this structure aims to be efficient and profitable, enabling the company to achieve growth while remaining attractive to its financial and operational partners.
Flexible car subscription service
Founded in 2020 by Enrique de Mateo and Daniel Marcos, REVEL provides a digital platform and subscription service that offers a convenient alternative to traditional car ownership.
Sustainability is a central focus for the company with a focus on providing access to electric vehicles. REVEL is dedicated to making its subscribers’ journeys sustainable and environmentally friendly.
The company says, “With REVEL you can easily subscribe to a car through a 100 per cent digital process, receive it at your doorstep in a few days, keep it as long as you want, and enjoy driving in the meantime while we compensate all the CO2 of your car, so every kilometre driven in a REVEL has a positive environmental impact in the planet.”
How does it work?
- Choose your car: REVEL offers a variety of cars including compact, sedan, SUV, and electric options, all from top brands.
- Register online: The company claims its subscription process is fast and 100 per cent digital, taking only 5 to 10 minutes.
- Delivery: Once the subscription is approved, REVEL will deliver the car to a chosen location.
The company’s subscription includes complete insurance (with a €300 deductible), maintenance, roadside assistance, 1,500 cumulative monthly km, tire change, ITV, and management of fines and taxes.
To subscribe to REVEL, users need a valid Spanish or EU country driving licence. If users have a licence from another country, it can be exchanged with the General Directorate of Traffic or use an international licence with over 12 months of validity. Users also need a valid DNI or NIE.
Capital utilisation
REVEL says it will use the funds to boost its car subscription business in Spain and advance the development of its technological platform.
According to REVEL, this funding marks a significant milestone. The company’s medium-term goal is to establish itself as one of the leading players in the European car subscription market, reflecting its ambition for growth and prominence in the industry.
In a company statement translated from Spanish, Enrique de Mateo, co-founder & CEO of REVEL says, “At REVEL, we are very satisfied with the closing of this round, which supports the work done up to the moment of the entire team and what it entails, not only having the capital that will allow us to continue growing and moving forward, but also having leading strategic partners at a global level.”
