Finn accelerates its electric fleet with €100M in latest funding

Finn, a Munich-based startup, is trailblazing the field of new car subscriptions, offering a desirable alternative to traditional buying or leasing systems. Their platform, which currently supports 25,000 subscriptions in Germany and the U.S., has successfully secured a €100M Series C funding round, significantly boosting the company's post-money valuation to €600M.

• Funding Details: This funding, led by Planet First Partners — a firm primarily focused on sustainable growth—, will be directed towards expanding Finn's technological capabilities and global footprint. Finn aims to increase its electric car inventory from 40% to 80% by 2028, aligning with global sustainability efforts.

• Previous Funding: The company has garnered approximately $250M in equity and has an additional $1B in debt, which is managed through a rolling facility.

• Product Offering: Finn's subscription model differs from its competitors by offering new cars, typically on 12-month subscriptions. Its car subscriptions include insurance, tax, and technical inspection, with popular models ranging between €430 to €1,200 per month.

• Revenue Status: Finn, founded by Maximilian Wühr, Nikolai Schröder, Andreas (Wixler) Stryz, Max Beyer, Hans-Peter Ringer, and Max-Josef Meier, reached annualized recurring revenues of €160M across Germany and the U.S, with €150M coming from Germany alone.

This industry is not without its challenges. Notable businesses such as Fair.com have previously faced high-profile collapses and subsequent pivots. European player, Onto, declared bankruptcy in September 2023, and Cazoo, despite adopting a car subscription model as part of its growth strategy, had to abandon this venture in 2023 due to financial struggles.