Faraday Ventures backs Madrid-based car rental marketplace Renting Finders in €700K round

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

Jaime Biel, Partner at Faraday, says, “Renting Finders has experienced considerable growth since its inception and the company shows high long-term potential, which makes it a very attractive investment. We are very pleased to be able to support the company in its next phase of market consolidation.”

What do Renting Finders offer?

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

The company aims to transform the leasing process by providing a fully digital, user-centric experience that enables the rental of a vehicle in under 15 minutes. Renting Finders offers more than 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 minimises the risk of non-monthly payments for its clients.

The terms of a car rental contract usually range from 15 months to 60 months. However, Renting Finders makes contracts from 24 months to 60 months. The most commonly contracted leasing term is around 48 months (4 years), says the company

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However, “If you urgently need 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 in a matter of days,” says Renting Finders.

Capital utilisation

The Madrid-based startup says it will use the funds to grow its marketing budget, strengthen its workforce, and be ready to enter its third market. The company employs 40 individuals 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 were able to grow by 60 per cent in 2021 and to successfully internationalise the company. Renting is already a reality among the private public and Renting Finders helps them to get better service than they can get if they hire a vehicle on their own, at a better price, without added costs and without paperwork.”

About the investor

Founded by Gonzalo Tradacete, Faraday Venture Partners is a private investors club that claims to offer an exclusive investment service to its partners. The firm analyses innovative startup projects in need of private financing and offers projects for investment to partners, co-investors, and business angels.

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

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Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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