G. Desyllas (FlexCar): ‘We were told that we would not find even 15 people to buy our product’

By Matina Harkoftaki

The news, a few days ago, that FlexCar managed in its last round of financing to raise 210 million euros, a record amount for the Greek data, confirmed not only the significant growth prospects it now shows globally but also the confidence they show in Greek startup domestic and foreign Venture Capital Funds. A trust that was neither self-evident nor guaranteed when the company, which offers a flexible car rental model, took its first steps about 4 years ago, stirring the waters in the domestic vehicle leasing industry. On the contrary, the German-born founder and CEO of FlexCar, George Desyllas – who was on the Forbes 30 under 30 Greece 2021 list – initially found more doors closed than good ears. “Initially, there were very few who showed interest in this idea, while there were some who claimed that we were not going to find even 15 people who would be willing to buy our services and product,” the 25-year-old told “K” head of the company.

The first difficulties

Going back in time and looking back to the beginning of his career, he now seems to partly understand the cautious attitude and hesitation that prevailed in the beginning. “The first difficulty was that in order to run this model, significant funds are required and then I did not have any previous startup or any successful output in my assets”, he points out and continues: “The second difficulty was the fact that at that time in Greece it was in the embryonic stage the financing that came from Venture Capital abroad.

At the same time, the locals expressed their reservations, telling us that even if they provided us with the first necessary funds, it would be difficult to find the tens of millions of euros needed to support the whole project. “He, however, did not he was determined to implement his idea with the vehicle of “creativity that results when you give substance to something that does not exist before and the satisfaction of directing your energy and time to something that you consider to be productive.” which he had collected but also some loans from his father as well as some smaller amounts, with which some of his associates participated, he managed to raise the initial capital of 100,000 euros, which was directed for the creation of the platform as well as for the purchase of the first 15 cars.

“Sees” expansion in Latin America and Asia

And that’s how the foundations of FlexCar were laid, marking the beginning of an impressive journey. The impact of the flexible FlexCar model as the consumer has the opportunity to choose the car or machine that meets his needs and rent it for as long as he wants, receiving it within a few days, made not only convincing and the most skeptical but led to the threshold of the company important domestic and foreign institutional investors and funds, such as VentureFriends of Apostolos Apostolakis, Uni.Fund, the Spanish SeayaVentures, ArenaInvestors and FrontlineVentures. Now, FlexCar has a presence in Greece, Cyprus and Italy, accelerating to expand into new markets, looking to Latin America and Asia and is expected to strengthen its fleet with new cars, aiming to reach 50,000 vehicles by 2025. Before a few months ago he settled in new offices in Neo Psychiko while he has entered the orbit to claim the title of unicorn, while rejecting the possibility of being acquired despite the approaches that existed about a year ago by two large companies. “It’s something I am not interested in and it is not on my agenda. It is more likely that FlexCar will make some acquisitions in the future than be acquired”, notes Mr. Desyllas meaningfully and adds: “This company wants to become global and it will be done.

The recent investment is moving in this direction. Greece is for us the model market and for this very reason we try to do the best possible here and on this model the strategy of expansion in the other markets will be based. At the moment, we are live in three countries and until next year we will have a presence in 5 to 6 markets “.

The stock market and future plans

Regarding the prospect of the company being listed on the stock exchange, he considers that it is a logical development in the long run, without haste, however, although it has achieved important goals in a short period of time, it is still going through the first stages of activity. . “We are not in a hurry nor is it a move that we look at immediately. Private markets are now very deep when a startup has our own size and track record and therefore there is no reason to hurry,” he said. Desyllas.

With the common denominator of the term flex, the company may in the future expand its portfolio of activities, extending the leasing model to products other than the car, such as technology.

“What interests me is to offer services and products that make our customers happy. So any product that meets the needs of consumers and essentially” presses “on the flex (flexibility), we will consider it. “At the moment we are focusing on car leasing, which we do well,” concludes the young businessman.

* Republished from the newspaper “Capital” of June 4