FINN raises €100m in Series C to accelerate the growth of its electric fleet
- The Series C funding round of 100 million euros (110 million US dollars) was led by the growth equity sustainable investment platform "Planet First Partners." And with strong participation from existing investors, like UVC Partners, who have been consistently investing in FINN since the seed financing round in 2019.
- The valuation of the car subscription provider FINN, headquartered in Munich with offices in New York City, has increased to more than 600 million US dollars.
- With fresh capital and the expertise of Planet First Partners, FINN will accelerate its shift towards a fully electric fleet and establish the car subscription model as a significant driver of electric mobility.
Munich, January 11, 2024 – The car subscription provider FINN has announced the closing of its Series C equity funding round of 100 million euros. The round was led by Planet First Partners, the European growth equity sustainable investment platform. In addition, existing investors reaffirmed their confidence in FINN and participated strongly in the new funding round, including HV Capital, Korelya Capital, UVC Partners, White Star Capital and Picus Capital. The round increases FINN's valuation to more than 600 million US dollars.
The Munich-based company will use the capital to accelerate growth in the electric car sector, with the goal to more than double the share of low-emission vehicles in its fleet from 40% to over 80% by 2028. FINN's car subscription model is contributing to the adoption of electric mobility by offering customers the opportunity to use electric cars flexibly in their everyday lives – without risks such as technological obsolescence or the development of residual values associated with ownership.
Last year, FINN was able to further grow in its markets and hit the milestone of 160 million euros in Annual Recurring Revenue (ARR) with over 25,000 active subscriptions. One of the most important growth drivers was the B2B fleet business, which is now accountable for half of the ARR. The Series C round follows a corporate debt transaction with Atempo Growth conducted at the end of last year.
Since 2019, FINN customers have been able to subscribe to a car from over 30 brands and hundreds of models in just a few clicks. The car is delivered directly to their doorstep in just a few days and comes with an end-to-end carefree package, including insurance, financing, registration, taxes and maintenance. FINN expanded to the east coast of the USA in 2022.
"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," says Maximilian Wühr, CEO and co-founder of FINN. "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 and new board member for FINN, said: "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."
Dr. Ingo Potthof, one of the early investors and Managing Partner at UVC Partners, said: "From our pre-product launch until today, FINN embodies a strong strategy navigating the vast market with a commitment to delivering an outstanding and unique online user experience in the industry. This financing propels FINN forward on its journey to solidify its position as a leading brand in the European and US car subscription market."
Dr. Daniel Reese, Investment Manager at UVC Partners, said: “The whole FINN team is strongly committed to continual progress, like going through the Total Cost of Ownership (TCO) with a fine-tooth comb. This dedication indicates the team's potential to drive the company toward success and its resilience to change. Congratulations, FINN!”
FINN aims to foster sustainable mobility for people and the planet by already having over 40 percent of low-emission vehicles, such as fully electric cars and plug-in hybrids, and by supporting climate protection projects.
FINN is an independent platform for car subscriptions from over 30 brands. Subscribe to a car with just a few clicks and it will be delivered directly to your doorstep in just a few days: FINN offers a carefree service and handles insurance, financing, registration, taxes and maintenance. FINN also funds climate action by supporting certified climate protection projects and thus offsets the carbon footprint of every vehicle of all drive types – from production to every mile driven.
FINN was founded in Munich in 2019 and expanded to the USA in 2022. The mission: to have a positive impact on people, organizations and the planet through frictionless mobility.
More information: https://www.finn.com/
About UVC Partners
UVC Partners is a leading Munich- and Berlin-based early-stage venture capital firm that invests in European B2B tech start-ups from pre-seed to series A. With about €400 million in assets under management, UVC Partners typically invests between €500,000 and €10 million initially and up to €30 million per company. The portfolio includes category leaders in deep tech, climate tech, hard- and software, and mobility with various technologies and business models. As an independent partner of UnternehmerTUM, Europe's most extensive innovation and startup center, UVC Partners has access to proprietary deal flow, an industrial network of more than 1,000 corporates, and access to talent from the leading European technical university. The investments include Flix, Vimcar, planqc, Tanso, Isar Aerospace, TWAICE, DeepDrive, STABL, and many more. They all benefit from the team's extensive investment and exit experience, their ability to build sustainable category leaders with a competitive advantage, and their passion for growing the game changers of tomorrow.
More information: www.uvcpartners.com
About Planet First Partners
Planet First Partners is a growth equity investment platform that invests in and partners with disruptive entrepreneurs to scale tech-enabled businesses that combine a purpose-driven mission, profitable growth, and a people-centric culture. It has assembled Limited Partners’ commitments of 450 million euros. As an Article 9 fund, Planet First Partners applies rigorous methodology for sustainable investing and commits to always follow the highest standards and strictest criteria. Founded in 2020, Planet First Partners is made up of a highly experienced, qualified team of investment and sustainability experts focused on maximising and optimising sustainability. The team is complemented by a mission-aligned advisory board, made up of global business and political leaders.
More information: https://www.planetfirst.partners/
FINN: Adrian Smiatek / +49 152 04 838 505 / email@example.com
UVC Partners: Maria Poursaiadi / firstname.lastname@example.org