A Manchester-based car rental platform has secured a £534k investment to help it expand into Europe.
The funding round for Stressfreecarrental.com was led by DSW Ventures and included Harry Dixon, the former Technical Director of Rentalcars.com.
“We built great foundations for the business last year and this year we’ve seen significant growth in our revenues despite the ongoing pandemic,” explained Founder and CEO John Charnock.
“This investment will enable us to take the business to the next level by extending our reach into foreign language domestic markets, offering clear and transparent car rental in Spain, Italy, Portugal, Germany and Greece.”
The company has created a price comparison and booking platform for car hire and airport transfers. It already operates in the UK, South Africa, Australia and the US.
This new investment will see it create 13 new jobs in the next 12 months and extend into Europe.
As part of the move, travel industry veteran James Jennings joins as Chairman while Tom Knopek, who has had a 30-year career in the car rental industry, has been appointed as non-executive director.
“The online car rental market is ripe for disruption. Stressfreecarrental.com offers a fresh approach and we believe it is well-placed to achieve significant scale,” added Ellie Boardman, Investment Manager at DSW Ventures.
“The business has already gained considerable traction, despite restrictions on travel, and this round will support its further development and growth.”