Contech startup Flexcavo has just picked up around €7 million, just a few months after its last raise of €6.5 million. The asset-backed funding is led by Vereinigte Volks- und Raiffeisenbank eG. In-house manufacturing company 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.
Founded in Berlin in 2020, Flexcavo’s founders’ Benedict Aicher and Leonhard Fricke wanted to accelerate the digitalization of the construction industry – a sector left a little behind in the digital transformation. The company 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 revolutionizes the way construction machinery is used and is shaping the future of the industry, helping contractors make the best use of their fleet by leveraging state of the art software and tech.
The company now has a team of over 40 people, and the tech is already being used by large construction companies, such as Peter Gross Bau. In addition, the network of machine rental parks in Germany is constantly expanding thanks to partnerships with high profile names in the industry, such as JCB and Wacker Neuson.
Dr Frank Henes, CEO of akf bank commented: “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 moel by a young, innovative company with a dynamic management team convinced us.”
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.