After Series B round in June 2022, in which Finn secured €103 million ($110 million), the Munich-based company is now closing a €100 million ($110 million) Series C equity round. The round is led by the sustainability-focused growth equity fund Planet First PartnersExisting investors such as HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital are also participating.
Founded in 2019, the Munich-based startup offers car subscriptions, including all additional costs such as tax, insurance, tires, and maintenance. Customers only have to cover the costs of fuel or electricity themselves. With the newly raised capital, the car subscription provider aims to accelerate its growth in the electric car sector, with the goal of more than doubling the share of low-emission vehicles from the current 40 percent by 2028. Maximilian Wühr, CEO and Co-Founder of Finn, explains:
"In order to even begin to meet international climate targets, the transition to electric mobility must be significantly accelerated in the coming years. After years of underproduction, the vehicles must now be brought to market. Our subscription model with a worry-free service is the perfect driver for this – for consumers and companies alike."
“Significantly expand sustainability strategy”
He continues:
"With the new capital, together with Planet First Partners and the strong trust of our existing investors, we will significantly expand our sustainability strategy. We will double the share of electric vehicles in our fleet in the coming years and accelerate our growth through the electromobility transition."
Nathan Medlock, Managing Partner at Planet First Partners, says:
"The transition to electric vehicles is one of the most important societal changes taking place worldwide and is crucial to our path to a more sustainable economy. With road transport responsible for around one-sixth of global emissions, electric vehicles are vital to the decarbonization of society. Finn's easy-to-use subscription model offers an innovative solution to help consumers transition to electric vehicles and reduce their own carbon footprint."
New member of the Finn Board
Nathan Medlock, Managing Partner at Planet First Partners, will also join the Finn board. Planet First Partners is classified as an Article 9 fund under the European Union's Sustainable Finance Disclosure Regulation (SFDR). This means the fund invests according to strict guidelines requiring portfolio companies to make a significant contribution to sustainability goals.
