CareCredit - Women's Health April 2024

Car Subscription Provider Finn Raises $110 Million to Add EVs

Car Subscription Provider Finn Raises $110M to Add EVs

Car subscription provider Finn raised 100 million euros (about $110 million) in a Series C equity funding round.

The firm will use the new capital to increase the share of electric vehicles (EVs) in its fleet from 40% to 80% by 2028, Finn said in a Thursday (Jan. 11) press release emailed to PYMNTS.

Finn aims to shift toward a fleet that is fully made up of EVs and to promote electric mobility via the car subscription model, according to the release.

“Our full-service and carefree subscription model is the perfect accelerant — for consumers and companies alike,” Finn Co-founder and CEO Maximilian Wühr said in the release. “With the new capital from Planet First Partners and the strong trust of our existing investors, we will expand our sustainability strategy significantly.”

The subscription model offered by Finn makes it easier for consumers to adopt EVs by removing the risks of technological obsolescence and residual values that come with car ownership, the release said.

“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,” Nathan Medlock, managing partner at Planet First Partners, who will join Finn’s board, said in the release.

Finn was founded in Munich in 2019 and expanded to the east coast of the United States in 2022, per the release. As an independent platform for car subscriptions, it offers vehicles from 30 brands.

About a year after its launch in the U.S., Finn added a B2B car subscription service that allows businesses to access six- or 12-month contracts and dedicated customer success managers.

Originally launched in Germany, the B2B service is aimed to meet the needs of consulting, construction, healthcare, business services and other industries in which vehicles are needed for fleets or as an employee benefit.

“Traditional B2B providers in the U.S. and abroad have long underserved small and medium-sized businesses,” Finn Senior Vice President of B2B Jan Hansen said last year. “We recognize that businesses require a mobility solution that has quick access to inventory, high-touch customer care and is both easy to use and convenient.”