Cluno, a Munich, Germany-based car subscription service, raised €28m in Series B funding.
The round was led by Valar Ventures, with participation from existing investors Acton Capital Partners and Atlantic Labs.
The company intends to use the funds to further expand the business and fuel its technological advance.
Co-founded by Christina Polleti, Nico Polleti and Andreas Schuierer, Cluno provides a car subscription service which allows consumers to book a car as well as to pay the service via an app.
There is no long-term commitment – the minimum contract period is six months, with a notice period of three months. Not tied to a particular brand, the company offers almost 50 models from nine different makes, including BMW, VW, Audi and Ford in all of Germany.
Featuring small cars to SUVs, as well as new technologies like hybrid and electric vehicles, Cluno’s already broad range will be significantly expanded in 2019.