Berlin-based contech startup Flexcavo receives around €7m to expand and digitize the construction industry
After the successful completion of the seed financing round with 6.4 million euros in September 2021, Berlin-based contech startup has increased its capital by around €7 million through various lenders.
The majority of the asset-backed funding is provided by the United Volks- und Raiffeisenbank eG. In addition, the akf bank lends the young company capital for new machines and equipment from the manufacturer JCB. The manufacturer Wacker Neuson has been with Flexcavo since day one. The expansion of the fleet with Wacker Neuson machines will continue to be financed in 2022 with the associated in-house financing company Wacker Neuson Finance.
The new capital is initially to be used to equip the newly opened rental park in Maisach near Munich. The manufacturers JCB and Wacker Neuson are already planning over 150 new machines and devices for the approximately 4,500m² site, including halls and outdoor areas.
Carsten Butt, Sales Manager construction, JCB machinery: "Flexcavo's dynamism and solution orientation is impressive. With our wide and modern model range of construction machines, we are an ideal supplier and partner for the customer needs of Flexcavo rental customers."
Flexcavo was founded in July 2020 by Benedict Aicher and Leonhard Fricke to accelerate the digitization of the construction industry. The company pursues two main business models: on the one hand, it rents construction equipment from well-known manufacturers to construction companies of all sizes, and on the other hand, it develops software solutions for digital fleet management.
The company now has over 40 employees and the FlexcavoOS operating system is being used successfully by large construction companies such as Peter Gross Bau. The network of machine rental parks in Germany is constantly expanding due to confident partnerships with well-known manufacturers in the construction industry, such as JCB and Wacker Neuson.
The rental parks in Rosenheim and Munich are already equipped with more than 100 machines and devices from the manufacturer Wacker Neuson and more are to come.
Volker Steen, Key Account Manager, Wacker Neuson: “In Flexcavo we have found an ambitious and professional partner with whom we would like to work side by side over the next few years. Our ambitions have been aligned from the start."
Frank Henes, CEO, akf Bank: "Both the topic of sustainability through more efficient use of the machinery on the construction site and the professional implementation of an asset-as-a-service model by a young, innovative company with dynamic management convinced us."
The United Volks- und Raiffeisenbank eG, led by CEO Ralf Magerkurth, is convinced of the vision that Flexcavo is pursuing. "The construction industry is in a state of upheaval," says Ralf Magerkurth. “We are excited to support Flexcavo in digitizing the construction industry.” After the successful completion of the seed financing round, lead investor VR Ventures brought the United Volks- und Raiffeisenbank eG together with Flexcavo. Andreas Laule, board member at VR Ventures adds: "We are happy to be able to accompany such a young and ambitious company in this growing status as an investor."