Belgium-based vehicle-leasing site Lizy has announced a round of funding totaling €40 million ($39.2 million US) led by Alychlo, fintech venture capital fund NewAlpha Asset Management and D’Ieteren Automotive, the primary distributor of the Volkswagen group in Belgium. Lizy specializes in the long-term rental of used vehicles to companies.

The funds raised will go towards developing the company internationally, with the French market being the first target. According to Belgium-based news outlet De Tijd, Lizy secured around €8.5 million ($8.3 million US) in equity funding and a further €32 million ($31.4 million US) in a debt financing agreement.

The group’s stated objective is to “to establish itself on the second-hand digital leasing market in Europe. Thanks to its 100% digital offer, Lizy is experiencing vigorous growth in a sector poorly addressed by the historical players in the market.” In a media statement, it added, “This year, Lizy could more than triple its turnover, despite a difficult period for the automotive sector, due to the war in Ukraine and the post-pandemic crisis in the supply of assembly lines. The demand for used cars is skyrocketing.”

Lizy was created in 2018 by Sam Heymans and Vincent Castus and already has 2,000 companies using its services in Belgium. To boost its move into the European market, the company has acquired its own fleet of recently-used vehicles.

“By democratizing easy access to LLD with recent, second-hand vehicles, we promote a virtuous circle. The idea is really to offer new mobility solutions to companies with smaller fleets, with speed and an enhanced customer experience,” Heymans said.

“With its used vehicles, Lizy also offers a sustainable leasing offer. Lizy thus provides an innovative and necessary solution in the financing and mobility sector,” added Aurélie Nicolas, investment director at NewAlpha Asset Management.

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