OK Mobility lands €10M convertible from Vall Companys chairman

What's the deal? Spanish used-car buying and rental platform OK MobilityDealroom has a profile for this one. Try Dealroom → has secured a convertible loan of up to €10 million from Josep Vall Esquerda, chairman of agrifood group Vall CompanysDealroom has a profile for this one. Try Dealroom →. He invests through his firm Agrolérida, taking at least 5% of the company and a board seat.

Who's involved? This is the first external investor OK Mobility has admitted to its shareholder base. Two years ago the Mallorca-based firm, led by chief executive officer Othman Ktiri, replaced its sole-administrator setup with a board that includes Sylvie Matherat, former deputy director of the Banque de FranceDealroom has a profile for this one. Try Dealroom → and a onetime Deutsche Bank executive.

Why now? The funds will "reinforce" OK Mobility's financial structure and support its growth plans, Ktiri said (translated from Spanish). Ktiri called Agrolérida "an institutional investor with a long-term outlook, aligned with the strategy and business project" of the firm.

By the numbers: OK Mobility posted revenue of €552 million in 2024, up from €280 million the year before. Despite the growth, it lost €29 million, on top of €22 million in red ink in 2023.

What's the endgame? The company had weighed an initial public offering but shelved the plan amid market instability and its own results. In June it closed a €300 million refinancing with about 10 banks and signed a €130 million loan with British manager Cheyne CapitalDealroom has a profile for this one. Try Dealroom →.

The signal: At €10 million, this convertible sits in the top tier of such deals, ranking around the 92nd percentile of all-time convertible rounds in its market. The move gives OK Mobility a long-term backer as it trades IPO ambitions for private capital to fund its next phase.

Read more: expansion.com

Image credit: Generated with Gemini