Latvian car-sharing OX-Drive raised €2,5M

Latvian OX-Drive, which offers a car-sharing service of electric vehicles Tesla and Porsche Taycan, raised €2,5M from a group of investors. The major investor was its parent company, Latvian Eleving Group, which owns more than 50% of OX-Drive. OX-Drive received financing as debt and equity investment. 

Business angels also participated in the deal, such as the CEO at Planet 42 Eerik Oja, Estonian entrepreneur Einar Roosileht (CIO at online casino and sports betting company Rush Street Interactive), Latvian entrepreneurs Roberts Stugis (Partner at corporate finance and investment advisory company Callidus Capital) and Renat Lokomet (Venture Partner at Raw Ventures Global), and Austrian early-stage investor Christoph Filnkößl.

OX-Drive was founded in Riga in 2022 by Egija Gailuma, Kristians Karlsons, Kristaps V, and Juhan Kaarma. Eleving Group was also one of the initial partners of OX drive that helped four founders to start a new company. OX-Drive is a car-sharing and long-term rental service. Its application allows to use the service of car-sharing in Riga, Jurmala, Marupe, and other nearby cities. The company’s fleet has over 100 Tesla vehicles and a few Porsche.

Eleving Group was founded in Riga in 2012. Earlier, it was known as Mogo Finance. The company provides financing for leasing a vehicle and, also, provides services such as rent-to-buy, subscription-based products, and leasing a vehicle for self-employed who use it for work, for example, financing motorcycle taxis (Boda-Boda) in Africa. To allow its clients to lease a used vehicle, Eleving Group has partnered with dealer networks of used cars. The company has also developed proprietary car sales portals in Europe, Asia, and Africa. There are more than 10K cars listed on its portals. Eleving Group works in some countries of the Central and Eastern Europe region, including Baltic countries, Moldova, Romania, Georgia, and others. Also, it works in Uganda, Kenia, and Uzbekistan.