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Finn raises 100 million euros and aims to drive fleet electrification
Independent Munich-based car subscription provider FINN has announced the closing of the Series C funding round, securing 100 million euros in equity. The round is led by the sustainability-oriented growth equity fund “Planet First Partners.” Additionally, existing investors have reaffirmed their trust in FINN and participated significantly in the new financing round, the company stated. Among these investors are HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital. This brings the company's valuation to over 600 million euros.
With the raised capital, the subscription specialist aims to accelerate growth in the electric vehicle sector, with the goal of more than doubling the share of low-emission vehicles from the current 40% by 2028. The car subscription model is expected to promote electromobility by offering customers the opportunity to flexibly test electric cars in their daily lives—without having to deal with risks such as technology obsolescence or residual value development, the company argues.
Last year, the provider was able to further drive growth in its markets and, thanks to over 25,000 active subscriptions, reached the milestone of 160 million euros in annualized revenue (ARR). One of the major growth drivers was the B2B fleet business, which is now responsible for half of the ARR.
On the market with simple subscriptions since 2019
Since 2019, interested parties have been able to subscribe to a car from FINN in just a few clicks from over 30 brands and hundreds of models. The car is delivered directly to the doorstep and comes inclusive of insurance, financing, registration, taxes, and maintenance. In 2022, FINN expanded to the East Coast of the USA.
“To even come close to meeting international climate goals, the shift to electromobility must be significantly accelerated in the coming years. After years of insufficient production, vehicles now need to be brought to market. In this regard, our subscription model is the perfect driver – for consumers as well as businesses,” says Maximilian Wühr, CEO and Co-Founder of FINN.
With the new capital and together with Planet First Partners as well as existing investors, the sustainability strategy is to be significantly expanded. The share of electric cars in our fleet is to be doubled in the coming years, and growth is to be accelerated through the electromobility shift, Wühr continues.
"The transition to electric vehicles is one of the most important societal changes occurring worldwide and is crucial for our path to a more sustainable economy. As road traffic is responsible for around one-sixth of global emissions, electric vehicles are essential for the decarbonization of society. FINN's easy-to-use subscription model offers an innovative solution to support consumers in switching to electric vehicles and reducing their own carbon footprint," believes Nathan Medlock, Managing Partner at Planet First Partners.
Nathan Medlock, Managing Partner at Planet First Partners, will also join the board. Planet First Partners is classified as an Article 9 fund under the European Union's Sustainable Finance Disclosure Regulation (SFDR). The fund invests within strict guidelines, whereby portfolio companies must make a significant contribution to sustainability goals. The car subscription specialist aims to promote sustainable mobility, with over 40 percent of the fleet already consisting of low-emission vehicles such as full electric cars and plug-in hybrids, as well as supporting climate protection projects.
Translated automatically from German.
Branchenguide
Elektromobilität , Newsletter Elektromobilität , IAA Mobility , SUVs und Geländewagen , Hybrid , Antriebsarten, Kraftstoffe und Emissionen , Oberklasse- und Sportwagen , Carsharing , Autonomes Fahren (Straßenverkehr) , Ladeinfrastruktur , Verkehrspolitik , Formel E , Brennstoffzellen , Fahrzeug-Vernetzung und -Kommunikation , Fahrzeuge & Fuhrpark , Automotive-Messen & Veranstaltungen , Pkw, Kompakt- und Mittelklasse , Minis und Kleinwagen , E-Auto-Datenbank, E-Mobilität-/Automotive-Newsletter, E-Auto-Tests
