Car subscription platform FINN on closed a $110 million Series B fundraising round that it will use for continued growth across the U.S. and Europe, according to a Wednesday (May 25) press release.
Korelya Capital, Keen Venture Partners, Climb Ventures, Greentrail Capital and Waterfall Asset Management led FINN fundraising round, with participation from existing investors including White Star Capital, HV Capital, Heartcore Capital, UVC Partners and Picus Capital.
FINN also announced Wednesday that it has opened its U.S. headquarters in New York City. The company is also active in New Jersey, Pennsylvania, Massachusetts and Connecticut and plans to offer its car subscriptions in California and Florida later this year. It’s valued at more than $500 million.
Waterfall Asset Management gave FINN up to $200 million in asset-backed security (ABS) funding in March and Credit Suisse and Waterfall Asset Management presented $520 million in ABS in December. The company plans to use the money to fund its core technology and accelerate its hiring.
“We are honored to welcome such experienced investors on board. With this fundraising, we can bring our all-inclusive car subscriptions to the mass-market,” said Max-Josef Meier, CEO and co-founder of FINN, in the press release. “What motivates us further, is that our flexible and easy to book car subscriptions serve as a catalyst for electric vehicles.
“One-third of our fleet is already fully electric, and the share is quickly growing. With the new investment, we bring not only car subscriptions, but also electric vehicles to a large audience,” he said.
Former French Minister of Digital Economy and Culture Fleur Pellerin, now the CEO Korelya Capital, has joined the FINN Board of Directors.
FINN launched its U.S. operations in Eastern Pennsylvania and New Jersey at the end of last year. The company said it is transforming the new vehicle experience through its subscription model, making it convenient to change vehicles every six or 12 months.
With more than 10,000 subscribers in Germany, FINN said it offers 6- and 12-month terms with different mileage options, a selection of cars and SUVs — including electric options — and subscription prices starting at $679 per month. FINN charges no down payment for most subscribers and insurance is included, as is “everything but fuel, and even free delivery to your doorstep.”