The Endeavor network grows with the addition of Spotawheel
By Endeavor Greece Mar 20, 2021
Charis Arvanitis, co-founder & CEO of Spotawheel, was selected to join the Endeavor network, during the 12th Virtual International Selection Panel (ISP), the final stage of the multi-step selection process for choosing the new Endeavor Entrepreneurs.
Spotawheel was founded in 2016 by Charis Arvanitis, Kyriakos Agadakos and Christos Zis, with the aim of solving the main problem faced by anyone who buys a used car: quality control. Spotawheel uses technology to change the process of buying and selling used cars. The company gives the prospective buyer the opportunity to choose from the platform the car he wants to test and undertakes to deliver it for testing in any part of the country the client chooses. At the same time, Spotawheel offers a refund within 7 days of purchasing the car and a 5-year warranty – the largest used car warranties in Europe. Spotawheel has raised $19,6Μ through investment and lending, with the support of very important funds such as VentureFriends, Velocity Partners and FJ Labs.
In the past three years alone, Spotawheel has achieved 184% annual growth rate, while recently, the company was ranked 41st on the Financial Times’s list of the 1,000 Fastest Growing Companies in Europe for 2021. To date, Spotawheel has sold thousands of vehicles in Greece and Poland. By 2025, Spotawheel intends to expand to Germany and at least five more countries and plans to expand into a pan-European platform, capitalizing on a massive $540B second hand vehicle market with over 35M annual end-user transactions.
“I truly enjoyed Endeavor’s virtual ISP, much more of an open mentor-mentee discussion with top global minds rather than just a typical selection process. That reflects on the quality and vision of Endeavor’s network, we are very privileged to be a part of and be able to give back.” stated Charis Arvanitis.
May Galani, Commerce Portfolio Lead at Endeavor, stated: “The used-cars market has shown a huge momentum -especially during 2020- with very intense M&A and funding activity. The European market has great opportunities to continue this momentum as most of the players are focusing locally while Spotawheel has managed to develop a model that is operating cross-border. Spotawheel’s growth path so far is impressive! Charis and the whole team are ready to take the company to the next level and we are more than excited to support them towards becoming a big European player!”