Berlin-based contech startup Flexcavo has raised around €7m (£5.8m) in asset-backed funding led by German bank Vereinigte Volks- und Raiffeisenbank eG.
The funding comes just a few months after its last raise of €6.5m (£5.4m). In addition, Wacker Neuson will continue to invest in the expansion of Flexcavo’s fleet, and akf bank is lending the company capital for new machinery and equipment from JCB.
Flexcavo’s founders’ Benedict Aicher and Leonhard Fricke started the company in 2020 which pursues two main business models. On one side, it rents construction equipment from well-known manufacturers to construction companies of all sizes. On the other, it develops software solutions for digital fleet management.
In doing so, Flexcavo helps contractors make the best use of their fleet by leveraging state of the art software and tech.
Volker Steen, key account manager at Wacker Neuson, said: “In Flexcavo, we have found an ambitious and professionally positioned partner with whom we are looking forward to working side by side over the next few years. Our ambitions matched right from the start.”
Dr Frank Henes, CEO of akf bank, commented: “We were convinced by the fact that they [Flexcavo] are a young, innovative company with a dynamic management team who address both the issue of sustainability through more efficient use of the machinery on the construction site, and the professional implementation of an asset-as-a-service model.”
The fresh funds will go towards equipping the newly opened rental park near Munich, with over 150 new machines and equipment planned by manufacturers JCB and Wacker Neuson for the site.
Image credit: Big Fish Drones/Shutterstock
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