100 Million Euros to Dollars: FINN Secures Series C Funding for Electric Vehicle Growth
FINN, a car subscription provider, recently secured 100 million euros (approximately $109 million USD based on current exchange rates) in a Series C funding round. This substantial investment, led by Planet First Partners, a European sustainable investment platform, raises FINN’s valuation to over $600 million USD. Existing investors, including HV Capital, Korelya Capital, and others, also participated, demonstrating continued confidence in the company’s trajectory.
Funding Fuels Electric Vehicle Expansion
FINN plans to utilize the 100 million euro investment to accelerate its growth in the electric vehicle (EV) sector. The company aims to more than double the proportion of low-emission vehicles in its fleet, from 40% to over 80%, by 2028. This commitment aligns with the global push toward sustainable transportation and reducing carbon emissions. FINN’s car subscription model facilitates EV adoption by offering customers a flexible and risk-free way to experience electric cars without the burdens of ownership, such as depreciation and technological obsolescence.
Strong Growth and B2B Momentum
In 2023, FINN achieved significant milestones, reaching €160 million in Annual Recurring Revenue (ARR) and surpassing 25,000 active subscriptions. A key driver of this growth was the expansion of its Business-to-Business (B2B) fleet business, which now contributes half of the company’s ARR. This Series C funding follows a corporate debt transaction with Atempo Growth at the end of 2023, further solidifying FINN’s financial position.
Subscription Model Simplifies Car Ownership
Since 2019, FINN has provided a streamlined car subscription service, offering access to over 30 brands and hundreds of models. The all-inclusive subscription covers insurance, financing, registration, taxes, and maintenance, simplifying car ownership and providing a hassle-free experience. Customers can select their desired vehicle online and have it delivered directly to their doorstep within days. FINN expanded its operations to the US East Coast in 2022, broadening its reach and impact.
Sustainability Focus Drives Investment
Planet First Partners, classified as an Article 9 fund under the European Union’s Sustainable Finance Disclosure Regulation (SFDR), invests in companies significantly contributing to sustainability goals. The investment in FINN aligns with this mission, as the funding will be exclusively dedicated to expanding the company’s electric vehicle fleet. FINN’s commitment to sustainable mobility includes offsetting the carbon footprint of all its vehicles and supporting climate protection projects.
Leadership Perspectives
Maximilian Wühr, CEO and co-founder of FINN, emphasized the importance of accelerating the transition to electric mobility to meet international climate targets. He highlighted the role of FINN’s subscription model in facilitating this transition for both consumers and businesses. Nathan Medlock, Managing Partner at Planet First Partners, echoed this sentiment, recognizing the crucial role of electric vehicles in decarbonizing society and praising FINN’s innovative approach to promoting EV adoption. Medlock will join FINN’s Board as part of the investment.
FINN’s successful funding round, coupled with its commitment to sustainable practices, positions the company for continued growth and leadership in the evolving landscape of mobility. The substantial investment of 100 million euros underscores the growing confidence in FINN’s business model and its potential to drive the adoption of electric vehicles worldwide.