Spotawheel, the Athens-based used car platform scaling rapidly across Greece, Poland, and Romania, announced it has secured a €300 million mix of equity and debt capital from a consortium of leading European investors to fuel the next phase of its mission: making quality, reliable car access flexible and affordable through subscription.
Born from a broken promise
Spotawheel’s journey began by tackling the “trust gap” in the notoriously non-transparent used car industry. Founded in 2016, the company initially launched Spotmechanic, a certified on-site technical inspection service.
This early venture revealed a critical problem: knowing a car was faulty didn’t solve the core issue of where to find a reliable one. Spotawheel was created as the answer, based on the vision of offering an “Amazon-like” experience where customers could buy a car with a click and have it delivered to their doorstep.
“Cars have become one of the most inflationary items in our daily lives,” said Charis Arvanitis, Founder & CEO of Spotawheel.
“Consumers desperately need an option that doesn’t drain their disposable income. Spotawheel gives them that flexibility — the ability to adjust their car-related spending to life’s constant changes, without the burden of ownership.”
Technology as an engine of trust
This substantial fresh funding will accelerate the expansion of Spotawheel’s used car subscription fleet across Europe. This is made possible by its proprietary sourcing engine, a powerful blend of Big Data, Machine Learning, and human ingenuity.
“This funding allows us to keep growing our fleet sustainably, empowering thousands more drivers to access cars without the financial strain of ownership,” Arvantis commented.
The cornerstone of the financing is a senior secured credit facility provided by Pollen Street Capital, a fast-growing private capital asset manager.
Michael Katramados, Partner at Pollen Street, believes: “We’re pleased to partner with Spotawheel’s talented team, whose innovative product and customer-centric approach have set a new standard for used car leasing options in Europe.”
“We are building a mobility model that makes sense for today’s economy and tomorrow’s consumers,” Arvanitis concludes.
