Founded in 2020, Revel has built an online and app-based platform that lets consumers subscribe to a new car in roughly the same time it takes to sign up for a streaming service, with delivery occurring about a week later. The core product is a 12-month, all-inclusive lease that allows subscribers to swap among a range of vehicle models while paying a fixed monthly fee covering insurance, maintenance, and carbon offsets. Revel never purchases vehicles outright, instead relying on undisclosed sourcing arrangements it labels as proprietary 'secret sauce.' After three years of testing multiple subscription models on just €750,000 of seed capital, the company believes it has identified a sweet spot that is shorter and more economical than traditional three- to four-year leases. Management positions the service as a bridge between outright ownership and short-term rental, and as a future channel for accessing increasingly expensive next-generation and autonomous vehicles. No revenue, user, or fleet size metrics were disclosed in the article.

Total raised

$17M

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2023