Planet42, a Tallinn, Estonia-based mobility startup that offers rent-to-buy car subscriptions, received $75m in debt financing, alongside an equity investment from Rivonia Road Capital.
This debt facility allows the company to buy 10,000 cars for deserving people in South Africa, enabling them to access opportunities like jobs, education and public services more easily when public transport is often unreliable, slow, and unsafe.
Founded in 2017 by entrepreneurs Eerik Oja and Marten Orgna, Planet42 provides socially inclusive car subscription in emerging markets through fully remote onboarding followed by continuous engagement throughout the customer journey. Its proprietary algorithms segment and score risk in the underbanked population allowing it to better and more responsibly address a large and underserved customer base, most of whom would otherwise not have access to affordable vehicle finance.
Since inception in 2017, Planet42 has delivered 15,000 cars to its customers in South Africa and Mexico with 5x growth in the last 12 months alone. The company’s goal is to deliver 1 million cars to consumers globally. It also has operations in South Africa and Mexico.
Planet42 has raised $150 million in combined equity and debt funding from investors such as Naspers, Change Ventures, Startup Wise Guys, Martin Villig (Bolt), Ragnar Sass (Pipedrive) and Andrew Rolfe as well as credit providers such as Rivonia Road Capital.
FinSMEs
28/02/2023