SeedBlink Blog

From his early days as an investment banker to his tenure as an Uber General Manager overseeing business expansion in Central and Eastern Europe as well as the Nordics, and spearheading digital health projects, Zoltan's multifaceted journey embodies a mix of strategic insights and hands-on experience. Today, at Swapp, his key focus areas include operations, leadership, team management, and fundraising. Join us as he shares insights from his dynamic career and the evolution of Swapp.

Zoltan, could you provide a snapshot of your career prior to establishing Swapp?

I embarked on my professional journey nearly 15 years ago in the investment sector. Later, I transitioned to the rapidly expanding startup, Uber. Over the past nine years, I've been instrumental in scaling businesses from ground up to commanding multi-million euro revenues, spanning various industries and regions in Europe and beyond. My approach uniquely blends the analytical mindset of an investment banker with the practicality of a hands-on operator.

What was the genesis of Swapp? Was it sparked by a specific event or observation?

The co-founders of Swapp, all with prior ties to mobility startups like Uber, Careem, and Bolt, collectively recognized an untouched segment in the mobility industry. While segments like micromobility and ride-hailing have seen disruptions, car ownership and its usage patterns remained relatively unchanged. Given its vast potential, yet intricate challenges, we felt it was the perfect opportunity.

Given your Central European origins, what steered Swapp's expansion into the UAE and its future plans for Saudi Arabia?

In the nascent stages of any project, the quest for a product-market fit is paramount. In our case, we realized the need for a region-market fit. Our investors and advisors, predominantly former Careem executives, spotlighted the Middle East. Surprisingly, Gulf countries, characterized by their high vehicular dependency, emerged as promising locales. The demographic growth, amplified purchasing power, and their rich energy reservoirs further solidified our choice. Our exclusive alliance with Careem, a leading mobility scale-up in the region, remains a cornerstone for our growth.

How do the car rental and subscription landscapes in the Middle East contrast with Europe, and how did these differences mold your decision?

Customer demographics and behaviors vary markedly. The UAE, for instance, boasts a vast expatriate community, many uncertain of their residency duration. They require vehicles but face hurdles like lack of credit history or long-term commitment aversions. Swapp offers them flexibility. Contrarily, in Saudi Arabia, newly empowered female drivers face car accessibility challenges. Moreover, the country's tech-savvy youth, the burgeoning tourism, and business travel sectors highlight a seismic shift in user requirements. We've designed Swapp to capitalize on these evolving dynamics.

Vespucci Partners and other investors have been pivotal for Swapp. Could you share how these alliances materialized and their role in Swapp's evolution?

From our recent collaboration with Vespucci to our earlier engagement with Zero Gravity Capital, the chemistry has been palpable. Beyond financial backing, they've opened doors to talent, potential investors, and growth enablers. They've also refined our operational aspects like financial diligence, reporting, and decision-making. Despite their structured approach, they've known when to adopt a relaxed stance, nurturing robust relationships.

Could you highlight any strategic insights or resources provided by your investors that significantly shaped Swapp's direction?

In the startup ecosystem, adaptability is key. While sustainable growth was always a cornerstone of our vision, recent circumstances prompted a renewed emphasis on it. Our investors championed not just with capital but by refining our operations to remain lean, ensuring we didn't compromise on our growth trajectory. Their insights enabled a strategic recalibration of our approach.

Since Swapp's inception, what's been an unexpected lesson for you?

Transitioning from Europe to the Gulf meant adapting to a different cultural fabric. Initially, we anticipated a high demand for luxury vehicles in the UAE. However, mainstream vehicles, preferred by entry-level white-collar expatriates, dominated our platform, defying our early predictions.

As you steer Swapp into new territories like Saudi Arabia, what do you foresee as potential challenges?

Saudi Arabia, although bearing similarities to the UAE, presents unique challenges. The nation is in the midst of profound transformations. We've extensively researched its specific use cases and customer needs, supported by team members with deep-rooted experiences in Saudi. Our primary goal is to perfect our localization and market-entry strategy, aiming to triple our growth in the upcoming year.

Leading a burgeoning startup undoubtedly comes with pressures. How do you navigate these challenges and maintain your well-being?

Indeed, Swapp's journey has been tumultuous, beginning amid the COVID pandemic. We faced quintessential challenges: identifying product-market fit, assembling a stellar team, scaling operations, and meeting lofty expectations. My past experiences in company-building have been a beacon, helping discern patterns and guiding through volatile phases. Recognizing that success is a marathon, not a sprint, and focusing on controllable elements, while not getting overwhelmed by external factors, has been crucial.

Finally, for aspiring entrepreneurs eager to carve a niche in the startup ecosystem, could you share some wisdom from Swapp's trajectory?

Absolutely. Two pivotal insights stand out:

Dedicate ample time to deeply understand potential customers. Decode their thought processes, discern genuine pain points, and decision triggers. Ensure your solutions resonate with their needs.

Embrace frugality. Kickstart as a side project, collaborate with partners willing to volunteer their time initially, bootstrap resources, prioritize early revenue streams, and possibly aim for profitability from the outset. While these steps may not guarantee meteoric growth instantly, they lay a solid foundation for lasting success.

--

Swapp is currently raising an equity Late Seed round on SeedBlink. Explore here the details.