Finn, a Munich, Germany-based car subscription platform, raised $110m in Equity and $720m in Debt financing.
The Series B round, which valued the company at more than $500m, was led by Korelya Capital along with Keen Venture Partners, Climb Ventures, Greentrail Capital and Waterfall Asset Management. Existing investors such as White Star Capital, HV Capital, Heartcore Capital, UVC Partners, and Picus Capital also participated. The financing comes on the heels of up to $200m in asset-backed security (ABS) funding the company raised for U.S. market expansion from Waterfall Asset Management in March 2022. With its $520m EU ABS raised from Credit Suisse and Waterfall Asset Management in December 2021, this new financing brings total capital raised to $830m within the past six months.
The company intends to use the funds to advance its core technology, accelerate hiring across its global teams, and expand in the U.S. and Europe.
Led by Max-Josef Meier, CEO, Finn is a car subscription platform that provides customers the ability to subscribe to a broad selection of new cars with no down-payments – the price online includes insurance, maintenance, roadside assistance, and various term options. It offers transparency in pricing, as well as comprehensive insurance, maintenance and 24/7 customer and roadside support. The company also facilitates the transition to drive electric vehicles, and compensates the CO2 for every mile driven for all its cars.
Finn also announced the opening of its U.S. headquarters in New York City. It is currently active in New Jersey, Pennsylvania, Massachusetts and Connecticut and will offer its car subscriptions in California and Florida later this year.
FinSMEs
25/05/2022