A new online car rental company will expand into Europe and take on more staff following a £534,000 investment.
Manchester-based Stressfreecarrental.com operates a price comparison and booking platform for car hire and airport transfers.
It said it raised £534,000 in a funding round led by investment firm DSW Ventures and including angel investor Harry Dixon, former technical director at Rentalcars.com.
Stressfreecarrental.com currently operates in the UK, South Africa, Australia and the US. The investment will allow it to create 13 jobs in the next 12 months, extend operations into Europe and accelerate growth.
The venture was launched in 2020 by entrepreneurs John Charnock (pictured), David Mathews and Rory Powers, who developed Inventive IT, a booking platform focused on the airport services market.
As part of the new investment, travel industry veteran James Jennings joins as chairman while Tom Knopek, who has had a 30-year career in the car rental industry, has been appointed as non-executive director.
Founder and chief executive John Charnock said: “We’ve seen significant growth in our revenues despite the ongoing pandemic. This investment will enable us to take the business to the next level by extending our reach into foreign language domestic markets, offering clear and transparent car rental in Spain, Italy, Portugal, Germany and Greece.
“Part of our strategy following the investment is to grow our B2B channel, offering travel agents, tour operators and airlines an easy way to earn commission on sales of self-drive car rental and airport transfers.
“We have our first B2B partners scheduled to go live in December and we believe that this channel represents a significant growth opportunity for us.”
Ellie Boardman, investment manager at DSW Ventures, added: “Stressfreecarrental.com offers a fresh approach and we believe it is well-placed to achieve significant scale.
“The business has already gained considerable traction, despite restrictions on travel, and this round will support its further development and growth.”