Munich-based FINN, a car subscription platform, announced on Thursday that it has raised €100M in a Series C round of funding at over $600M valuation, led by Planet First Partners.
Other existing investors, such as HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital, participated.
As a part of the funding round, Nathan Medlock will join FINN’s Board.
The Series C round follows a corporate debt transaction with Atempo Growth conducted at the end of last year.
The German company plans to use the funds to expand its electric vehicle sector, aiming to increase its share of low-emission vehicles in its fleet from 40 per cent to over 80 per cent by 2028.
Maximilian Wühr, CEO and co-founder, says “With the new capital from Planet First Partners and the strong trust of our existing investors, we will expand our sustainability strategy significantly. We will double the proportion of electric vehicles in our fleet in the coming years and accelerate our growth through the e-mobility transition.”
FINN: Car subscription made easy
Led by Maximilian Wühr, FINN is an independent platform for car subscriptions from over 30 brands.
“To achieve international climate targets, the shift to electric mobility has to be significantly accelerated over the next few years. After years of lack of production, the vehicles need to be brought into the market. Our full-service and carefree subscription model is the perfect accelerant – for consumers and companies alike,” says Wühr.
Users can subscribe to a car with just a few clicks, and it will be delivered directly to your doorstep in just a few days.
The platform offers a carefree service and handles insurance, financing, registration, taxes, and maintenance.
FINN also funds climate action by supporting certified climate protection projects and thus offsets the carbon footprint of every vehicle of all drive types – from production to every mile driven.
Last year, FINN grew further in its markets and hit the milestone of €160M in Annual Recurring Revenue (ARR) with over 25,000 active subscriptions.
One of the most important growth drivers was the B2B fleet business, which now accounts for half of ARR.
The investor
Planet First Partners is a growth equity investment platform that invests in and partners with disruptive entrepreneurs to scale tech-enabled businesses that combine a purpose-driven mission, profitable growth, and a people-centric culture.
Nathan Medlock, Managing Partner at Planet First Partners, says, “The transition to electric vehicles is one of the major societal shifts taking place globally and is crucial in our move towards a more sustainable economy. With road transport accounting for around one-sixth of global emissions, electric vehicles are vital to decarbonising society. FINN’s easy-to-use subscription model offers an innovative solution to assist consumers in making the move to electric vehicles and reducing their carbon footprint.”
Read the orginal article: https://siliconcanals.com/news/startups/finn-secures-100m-at-600m-valuation/
