Car Subscription Platform FINN Raises $110M In Equity and $720M In Debt To Supercharge Its Growth in the U.S. and Europe
FINN offers flexible car subscriptions that include everything but fuel. Today, FINN is active in Germany and the U.S. and is on track to grow to 30,000 subscriptions by the end of this year.
NEW YORK, May 25, 2022 /PRNewswire/ -- FINN, the leading car subscription platform in the U.S. and Europe, announced it has closed $110 million in Series B funding 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 in the round. FINN plans to use the funding to support its U.S. expansion and to strengthen its leadership position in Europe.
FINN also announced the opening of its U.S. headquarters in New York City. FINN is currently active in New Jersey, Pennsylvania, Massachusetts and Connecticut and will offer its car subscriptions in California and Florida later this year.
The car subscription company is now valued at more than $500M. This financing comes on the heels of up to $200 million in asset-backed security (ABS) funding the company raised for U.S. market expansion from Waterfall Asset Management in March 2022. With its $520 million EU ABS raised from Credit Suisse and Waterfall Asset Management in December 2021, this new financing brings FINN's total capital raised to $830 million within the past six months. Besides supporting its growth, FINN will use its funding to advance its core technology, and accelerate hiring across its global teams.
"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."
Additionally, FINN announced that former French Minister of Digital Economy and Culture, Fleur Pellerin, has joined its Board of Directors. Mrs. Pellerin is the CEO and Founder of Korelya Capital, and brings to FINN 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," she added.
In 2022, FINN is on track to grow to 30,000 global subscribers. As consumers shift from offline to online and favor flexibility and ease-of-use over ownership, FINN provides the ideal solution to the evolving automotive customer. Through its strong, direct partnerships with the most popular automotive manufacturers, FINN provides customers the unique ability to subscribe to a broad selection of new cars with no hidden fees and no down-payments - the price online includes insurance, maintenance, roadside assistance, and various term options. Its partnership with electric vehicle automakers also helps accelerate the transition to electric cars by allowing new users to test drive them through a subscription before they purchase.
Pinsent Masons LLP acted as legal advisor for Korelya Capital for this transaction.
About FINN
FINN is a car subscription platform united by its purpose to make mobility fun and sustainable by providing a flexible, fun and sustainable way to choose the car that best fits its customers' lifestyles. The established car subscription provider offers complete transparency in pricing, as well as comprehensive insurance, maintenance and 24/7 customer and roadside support. What is more, the company facilitates the transition to drive electric vehicles, and compensates the CO2 for every mile driven for all its cars. FINN makes driving a car as easy as purchasing shoes online: with just a few clicks, customers can subscribe to a car that will be delivered straight to their door in just a few days or weeks.
About Korelya Capital:
Founded and chaired by Fleur Pellerin, former French Minister of Digital Economy and Culture, and Antoine Dresch, Korelya Capital is a late-stage venture fund with €500m under management and offices in Paris, London, and Seoul. Since its launch in 2016, Korelya Capital has notably invested in several European tech champions that became global category leaders (Vestiaire Collective, Glovo, Bolt, Ledger…). Korelya Capital supports European technology companies in achieving their global ambition, notably through valuable support via its extensive network. www.korelyacapital.com
SOURCE FINN
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