Numeric will continue to support UFODRIVE as it drives international expansion following $19m funding round


NUMERIC, the Ireland-based firm has developed a successful financial offering for fast-scaling tech start-ups like UFODRIVE

Start-ups have been in the spotlight of late, with more and more “unicorns” disrupting everything from the way we communicate, down to the way we eat. It’s no secret that these fast-growing companies have a lot on their plate, building out a fully formed business in a fraction of the time of traditional organisations. Condensing a generations’ worth of business development down to a few years takes a village, and Numeric has become recognised in the finance world as a turn-key solution for cutting-edge ventures in need of cost-efficiency financial management and accounting solutions.

News of UFODRIVE’s recent $19M Series A raise left the EV and automotive rental markets humming. The Luxembourg-based start-up has raced to the head of the pack as Europe’s leading self-service electric vehicle rental company and eMobility service provider. Through their innovative app-based experience, boasting transparent and easy-to-use features, renters can travel safer and greener in their electric vehicle of choice.

With UFODRIVE growing as aggressively as the EV market they catered to, their financial management needs followed suit. Numeric, stepped up to bat for UFODRIVE in 2019, bringing with them an unparalleled financial management solution specially suited to fit UFODRIVE’s unique pain points, multinational expansion and investor demands.

“Technology growth businesses require agile financial management and accounting services to fit their fast-paced expansion. Numeric was founded precisely for this unique need,” remarked Peter Keogh, Numeric Founder.

In advance of UFODRIVE’s Series A, Numeric developed a suite of cloud-based accounting solutions using the Xero Platform, to manage and maintain the start-up’s financial needs. Client-specific dashboards were produced that easily identified where management focus was required, even being tailored specific to client end user requirements, such as board and investor reviews.

“The team at Numeric has addressed our complex accounting requirements by applying practical affordable technology solutions to our business,” says UFODRIVE’s Renaud Marquet. “Investors, such as Hertz in this most recent Series A, expect to see highly detailed financial data, which Numeric made transparent and accessible.”

UFODRIVE’s $19M financing round was co-led by Hertz and Certares, in partnership with Knighthead Capital Management, and included participation from existing investors. Being in a highly capital-based industry such as automotive rental, the start-up was in need of an adaptable financial management solution, which they found through Numeric’s tech-based approach to accounting. Numeric will continue to support UFODRIVE as it drives expansion across with this new funding.

“Establishing an accounts team in a scaling business is a distraction to key decision makers who need to focus on the demands of accelerated growth. Numeric provides a scalable team, using cloud technologies to deliver timely, accurate and relevant information. This information supports the decision makers and provides other stakeholders with peace of mind,” explains Peter.

Learn more about Numeric here, and UFODRIVE here.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>