Following the Series B round in June 2022, in which Finn secured €103 million ($110 million), the Munich-based company has now closed a Series C worth €100 million ($110 million) in equity. The round is led by sustainability-focused growth equity fund Planet First Partners. Existing investors including HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital are also participating.
The Munich-based startup, founded in 2019, offers cars including all ancillary costs such as taxes, insurance, tires, and maintenance on a subscription basis. Customers only pay for fuel or electricity themselves. With the newly raised capital, the car subscription provider wants to accelerate its growth in the electric vehicle 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:
“To even begin to meet international climate targets, the transition to electric mobility must be significantly accelerated in the coming years. After years of insufficient production, vehicles now need to reach the market. Our subscription model with comprehensive worry-free service is the perfect driver for this – for consumers and businesses alike.”
“Significantly expand sustainability strategy”
He continues:
“With the new capital and working together with Planet First Partners as well as 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 electric mobility transition.”
Nathan Medlock, Managing Partner at Planet First Partners, says:
“The transition to electric vehicles is one of the most important societal changes happening globally and is crucial for our path toward a more sustainable economy. Since road transport accounts for approximately one-sixth of global emissions, electric vehicles are essential for decarbonizing society. Finn’s easy-to-use subscription model offers an innovative solution to support consumers in switching to electric vehicles and reducing their own carbon footprint.”
New member of Finn’s board
Nathan Medlock, Managing Partner at Planet First Partners, will also become part of Finn’s 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 material contribution to sustainability goals.
