Munich-based car subscription provider FINN secures €100M

FINN, a Munich-based car subscription provider, secures €100 million in Series C funding to expand its electric car fleet.
Munich-based car subscription provider FINN secures €100M

FINN, a Munich-based car subscription provider has announced the close of a €100 million Series C funding round at a $600 million valuation. 

The bulk of the capital will be used to expand the company’s electric car offer, with the goal to more than double the number of low-emission vehicles in its fleet from 40 percent to over 80 percent by 2028.

​​"To achieve international climate targets, the shift to electric mobility has to be significantly accelerated over the next few years. After years of lack of production, the vehicles now need to be brought into the market. Our full-service and carefree subscription model is the perfect accelerant — for consumers and companies alike," commented FINN co-founder and CEO Maximilian Wühr.

The round was led by Planet First Partners, with existing investors including HV Capital, Korelya Capital, UVC Partners, White Star Capital and Picus Capital participating.

The subscription economy

Much like bootlegging propelled the careers of a select group of musicians years prior, and pirated copies of Windows helped Microsoft garner an estimated 65 to 70 percent market share, the bypassing of the bottom line has propelled very few to lofty heights.

The conundrum of how to generate revenues whilst still spreading a product far and wide is perhaps most exemplified by the creative industry. Remember Metallica and Napster?

Like many before and after me, I’ll freely admit that I’ve downloaded an mp3 or twenty in my time, as it was convenient and I had no need or desire to purchase the entire album (for better or worse); all the while thinking, ‘If only there was an equally easy way for me to get an official copy of this file, I’d be glad to pay for it’.

It was precisely thinking like this that contributed to a number of today’s titans — Spotify, Netflix, Adobe, Salesforce, you name it — to spring into action and make the model of subscriptions quick, easy, and widely accessible.

Europe on top, the US not far behind

While a high-ticket item such as a vehicle may not be the first item that comes to mind when thinking about the subscription economy, the global vehicle subscription market was estimated to be approximately $4.9 billion in 2023 and is projected to generate revenues in excess of $33 billion by the end of 2030.

While Europe garners the top spot when it comes to the vehicle subscription market, the US isn’t far behind, and interest in China is growing.

Founded in 2019 and entering the US market in 2022, FINN reports that 2023 saw the company achieve an ARR of €160 million and in excess of 25,000 active subscriptions.

On the investment, Article 9 classified fund Planet First Partners’ managing partner Nathan Medlock commented:

"The transition to electric vehicles is one of the major societal shifts taking place globally and is crucial in our move towards a more sustainable economy. With road transport accounting for around one-sixth of global emissions, electric vehicles are vital to decarbonise society. 

“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.” 

Since 2019 FINN has raised over $1 billion from investors including those listed in the Series C round as well as Heartcore Capital, Heliad Equity Partners, Greentrail Capital, Climb Ventures, Waterfall Asset Management, and Avellinia Capital.

Lead image via FINN. Photo: Uncredited.

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