Spanish Car Subscription Startup Revel Raises $123M for Expansion
The car sales market has faced challenges in recent years due to economic conditions and evolving consumer preferences, including the rise of ride-hailing apps and alternative transportation options. Spanish startup Revel is addressing this shift by offering a digital car "subscription" service, securing €115 million ($123 million) in funding to expand its flexible lease agreement model, which includes insurance and maintenance. This service is aimed at consumers willing to commit for at least a year, providing a faster, more convenient, and flexible alternative to traditional leasing providers.
Revel's approach is innovative, but its sourcing and business model remain undisclosed, with CEO Enrique de Mateo guarding the details. However, the company's structured financing tranche of €1...