Finn, a car subscription platform with its headquarters, has raised $110 million in Series B funding. This investment comes on the heels of up to $200 million asset-backed security (ABS) funding it raised in March this year. With this round, the total funding raised by the company is $830 million and it is valued at $500 million.
The round was led by Korelya Capital (that backed Grover in its unicorn round) 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 in the round.
Plans US expansion
Finn plans to deploy the proceeds of this funding round to support its US expansion and strengthen its leadership position in Europe. Also, the company announced the opening of its US headquarters in New York. Currently, it is active in New Jersey, Pennsylvania, Massachusetts and Connecticut and will offer its car subscriptions in California and Florida later this year.
Besides supporting its growth, Finn will use its funding to advance its core technology, and accelerate hiring across its global teams. It aims to reach 30,000 subscriptions by the end of this year.
“We are honored to welcome such experienced investors on board. With this fundraising, we can bring our all-inclusive car subscriptions to the mass-market,” said Max-Josef Meier, CEO and co-founder of FINN. “What motivates us further, is that our flexible and easy to book car subscriptions serve as a catalyst for electric vehicles. One-third of our fleet is already fully electric, and the share is quickly growing. With the new investment, we bring not only car subscriptions, but also electric vehicles to a large audience.”
Former French Minister joins the board
Apart from the investment, the former French Minister of Digital Economy and Culture, Fleur Pellerin, has joined Finn’s Board of Directors. Mrs. Pellerin is the CEO and Founder of Korelya Capital, and brings her extensive experience in scaling fast-growing technology companies, vast financial network and significant experience in the automotive industry.
“I was deeply impressed by Finn’s subscription model, as the car industry has yet to be transformed by the e-commerce revolution and subscription economy to become more sustainable. Finn’s positioning to build the global category leader for car subscriptions further intrigued me,” said Fleur Pellerin. “What we as Korelya also liked about Finn was the depth and quality of its team. As Korelya consistently seeks to invest in category leaders that can defend their leadership over a long term, our investment in FINN is a perfect fit.”
Flexible, climate-neutral car subscriptions
Founded in 2019 by Max-Josef Meier in Germany, Finn is a platform for flexible and climate-neutral car subscriptions. Its mission is to make mobility fun and sustainable by building the most popular car subscription platform in the US and Europe.
With Finn, traveling in a car becomes as easy as buying shoes on the Internet. You can subscribe to a car in just a few seconds without having to worry about insurance, registration, taxes or maintenance. It offers a selection of new cars for rent, which can be delivered to the customer’s home, with no hidden fees or down payments.
Customers can access items and services rather than owning them, which would require them to pay hefty amounts of cash in advance. While similar car rental services charge users on a monthly basis, Finn’s minimum rental period is six months. Further, the CO2 emissions of all vehicles offered by the platform are compensated in certified climate projects.