The financial institution stated this in a statement in which it detailed that it participated in the investment round through its BStartup10 program, as well as Draper B1, Think Bigger Capital and business angel Andreas Mihalovits.
offUgo, based in Palma de Mallorca, was founded in November 2020 and aims to use the investment received to expand in Mallorca and open markets in Ibiza, Alicante and Malaga.
For offUgo CEO Fernando de Miguel, "the rental car market is going through difficult times" because "the supply crisis has been a serious problem for car manufacturers and this is mint data having a direct impact on the rental market (and the sales market)."
He added that "there are fewer cars available and the total fleet is not sufficient to cover all demand. This situation, coupled with inflation, is causing prices to skyrocket."
In any case, he pointed out that "the situation is temporary" and that "in one or two years the market will adjust again, which is why we are committed to offering the most competitive prices possible in order to continue attracting customers who trust offUgo to rent a vehicle."
Servimedia.
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