About

Spotawheel is a full-stack used cars e-commerce platform, operating in Greece and Poland, offering quality inventory and “Amazon-like” experiences to currently underserved, value-sensitive customers. The company relies on its in-house developed sourcing algorithms to identify and source cars from >10 locations across Europe, deploying its detailed data-driven inspection to follow an extensive reconditioning process and restore the vehicles to as new as possible, thus ensuring safety and post-sale peace of mind. By utilizing inspections’ data along with market data the company collects, Spotawheel has created proprietary models that predict cars’ reliability. Coupled by extensive data capture and AI-powered analysis of the large European supply market, Spotawheel relies on predictive analytics modelling to identify arbitrage in cross-border vehicle movements and grow its inventory faster and more efficiently in the operating markets, allowing growth at scale. Spotawheel provides a detailed inspection report with extended information on maintenance and accident history. The marketplace is designed to provide 360 view of the vehicles, while Spotawheel offers a doorstep experience by delivering the vehicle to customer’s door, for purchase or test-drive. Customers enjoy a 7-day return policy and an up to 5-years warranty. Spotawheel has contracted with strategic partners to provide car financing and insurance delivering a one-stop-shop experience.

Solution & Product

Spotawheel redesigned the buy-sell process by investing in customer-centric technology to source reliable cars and support the customer during the research, purchase phase, and on, providing peace of mind with warranty and money return policies in place. Used car-selling - Full-stack e-commerce platform offering quality inventory - Detailed inspection report of each car’s maintenance and accident history - Test-drive at your place possibility. - All the possible payment options, credit or debit card, cash, PayPal, bank deposit, or a combination of them. - Deliver the car to the buyer’s door within 2-3 working days from the payment day - Up to 5 years warranty - the largest in Europe- and 7 days return policy Financing & Insurance - Tailored car financing options provided by local partners in Greece and Poland - Ability to buy a car with a 0% deposit fee and up to 108 monthly instalments, based on the country’s regulations - Insurance options in cooperation with all major insurance providers per country

Innovation & Scalability

- AI-driven sourcing/pricing engine: Efficiently identifying opportunities amongst millions of available cars. - EU-Wide sourcing operations: Central and local infrastructure for C2B/B2B supply across Europe. - At-scale reconditioning operations: Factory level preparation for timely production at desired quality standards. - Advanced e-commerce platform: automated backend, unit-based performance marketing and conversion management, transparency throughout the funnel, low risk of human errors. - Safe & Reliable: accident-free, with detailed inspection report, real mileage, covered with a 7-day return policy and 5-year warranty. - Flexible experience: test-drive at customers’ doorstep or buying in a fully touchless way. - One-stop-shop: from inspection and reconditioning to financing, insurance, and the actual selling. Spotawheel is creating a pan-European e-commerce structure, attacking local fragmentation with cross-border arbitrage and excellence at scale enabled by technology both on the back (sourcing & operations) and the front-end (marketing & sales) of the business model. The company targets to be present (retail) in 8 countries by 2025 selling >100k cars annually.

Traction & achievements

- Recording 3-digit % sales growth every year until 2019 and 40% Growth in 2020 despite covid-19 turbulance - Expanding beyond Greece by entering the Polish market in mid-2019, which already has become >50% of consolidated unit sales - Selling >1.600 cars in 2020 and exceeding €16m in consolidated GMV Revenues - Growing to a team of 155 people in Greece and Poland - Raising a total of €9,5m in equity financing in pre-seed, seed and Series A rounds from local and international VCs (Venture Friends, Velocity Partners, FJ Labs) and private investors - Securing a total of >€10m of debt from private investors and banks to finance inventories - Becoming a full member of Endeavour network - Being listed at #39 in Financial Times’ list (2021) with Europe’s 1000 fastest growing companies

Team & Why Us

Spotawheel's founders' and leadership team is comprised of eight (CEO, CFO, CMO, CTO, GM Greece, GM Poland, VP of Sourcing, Head of Business Intelligence, Head of Talent) accomplished professionals with 12+ years of functional and/ or industry experience each. The full Spotawheel team is continuously growing and currently exceeds 155 high-caliber professionals in all functions in Greece and Poland, with passion for cars, technology and disruption. The company targets to be present in 8 countries for retail sales by 2025 selling >100k cars annually with GMV revenues of >€1,0Bn, while at the same time evolving its online model and focusing on Gross Profit and Life Time Value increase per customer/sale by adding and expanding auxiliary/ complementary services and products. Given high market fragmentation, aspired 2025 sales are not more than 0,2% SAM. Sourcing, technology, and operations play a pivotal role in the company’s growth aspirations, ensuring the scalability of a highly complex model with many moving parts to control.

Funding Needs

The company will continue pursuing equity financing from VCs and other investors to fuel the growth of its business model, technological/ analytical capabilities and geographical footprint, while on the same time raising debt to finance with asset-backed arrangements it's balance-sheet growth.