FINN Secures €100 Million in Series C Funding to Boost Electric Car Operations

FINN, a leader in the car subscription industry, has successfully closed its Series C equity funding round, amassing €100 million. This significant financial milestone was led by Planet First Partners, a notable European growth equity sustainable investment platform.

Transaction Snapshot

  • Deal Value: €100 million (approximately $110 million USD)
  • Deal Type: Series C
  • Investors: Led by Planet First Partners, with participation from HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital
  • Founders: N/A

The Munich-based company is set to leverage this capital infusion to propel its growth in the electric car sector. Aiming to increase low-emission vehicles in its fleet from 40% to over 80% by 2028, FINN's innovative car subscription model provides a flexible and risk-free avenue for customers to adopt electric mobility.

In the previous year, FINN expanded its market presence and achieved an Annual Recurring Revenue (ARR) of €160 million, with over 25,000 active subscriptions. A significant growth driver was the B2B fleet business, contributing half of the ARR. This funding round follows a corporate debt transaction with Atempo Growth at the end of the last year.

Since its inception in 2019, FINN has offered customers the ability to subscribe to cars from over 30 brands, with delivery straight to their doorstep. This service includes an all-encompassing care package covering insurance, financing, registration, taxes, and maintenance. 2022 marked FINN's expansion into the USA's east coast.

Maximilian Wühr, CEO and co-founder of FINN, emphasised the role of their subscription model in accelerating the shift to electric mobility, crucial for meeting international climate targets. Nathan Medlock, Managing Partner at Planet First Partners, highlighted the importance of electric vehicles in global decarbonisation efforts. Medlock will also join FINN's Board.

Planet First Partners, an Article 9 fund under the European Union's Sustainable Finance Disclosure Regulation (SFDR), focuses on sustainable investments in accordance with strict guidelines. Their investment in FINN is dedicated to expanding the electric vehicle fleet, aligning with FINN's sustainability strategy.

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