Munich-based FINN secures €100 million in series C round Funding. Planet First Partners, a European growth equity sustainable investment platform, led the round. Furthermore, current investors firmly participated in the new investment round and reiterated their faith in FINN.
Moreover, HV Capital, Picus Capital, UVC Partners, Korelya Capital, and White Star Capital. The funding raises the value of FINN to above 600 million US dollars.
The Munich-based business plans to utilise the funds to spur the electric vehicle industry’s expansion in order to more than increase its fleet’s low-emission vehicle percentage from 40% to over 80% by 2028.
By enabling users to use electric cars flexibly in their daily lives and removing hazards like technology obsolescence and the growth of residual values associated with ownership, FINN’s automobile subscription model is helping to promote the usage of electric transportation.
Maximilian Wühr, CEO and co-founder of FINN said, “To achieve international climate targets, the shift to electric mobility has to be significantly accelerated over the next few years. After years of lack of production, the vehicles now need to be brought into the market. Our full-service and carefree subscription model is the perfect accelerant – for consumers and companies alike, With the new capital from Planet First Partners and the strong trust of our existing investors, we will expand our sustainability strategy significantly. We will double the proportion of electric vehicles in our fleet in the coming years and accelerate our growth through the e-mobility transition.”
Nathan Medlock, Managing Partner at Planet First Partners, added: “The transition to electric vehicles is one of the major societal shifts taking place globally and is crucial in our move towards a more sustainable economy. With road transport accounting for around one-sixth of global emissions, electric vehicles are vital to decarbonize society. FINN’s easy-to-use subscription model offers an innovative solution to assist consumers in making the move to electric vehicles and reducing their own carbon footprint.”
By supporting climate protection initiatives and maintaining a fleet that includes over 40% low-emission vehicles, such as plug-in hybrids and completely electric automobiles, FINN hopes to promote sustainable mobility for both people and the environment. The investment made by Planet First Partners will only be utilised to expand the fleet of electric vehicles.
Customers of FINN, which was founded in 2019, can subscribe to a car from more than 30 brands and hundreds of models with just a few clicks.
Within a few days, the car is delivered right to their door and comes with a comprehensive carefree package that covers maintenance, insurance, financing, registration, taxes, and registration. In 2022, FINN extended its reach to the US east coast.