1. Tech

Car subscription service Cluno discloses €140M in debt financing – TechCrunch

Cluno, the Munich startup offering what it calls a “car subscription” service, is disclosing that it has raised €140 million in debt financing.

Two asset-backed financing offers totalling €80 million have been signed just lately, including to €60 million of debt beforehand secured — ie it’s not all completely new cash.

Individually, the corporate raised €25 million in equity-financing in a Collection B spherical in February led by Valar Ventures, the U.S.-based enterprise capital agency based by Peter Thiel. Others who participated are Acton Capital Companions and Atlantic Labs, which each backed the Cluno’s Collection A spherical. It introduced complete fairness raised by Cluno to €32 million.

Based in 2017 by the identical crew behind easyautosale (which exited to Autoscout24 in 2015), Cluno gives an alternative choice to automobile possession or a extra restrictive lease by enabling you to subscribe to a automobile for an all-inclusive month-to-month payment.

Obtainable in Germany solely, you e book your automobile on-line or through the Cluno app, with the month-to-month payment masking all prices besides gas. After a minimal time period of six months, subscribers can return or swap their automobile with three months discover.

Comfort and selection can also be a part of the pitch. This sees bookings, in addition to credit score checks and signatures, all carried out paperlessly through the Cluno app. The startup gives a number of fashions from 9 totally different automobile corporations, together with BMW, VW, Audi and Ford. Fashions span small automobiles to SUVs, together with hybrid and electrical autos.

Cluno tells me the brand new debt financing is devoted to rising the corporate’s automobile subscription fleet “and serves as the basis for structures that are fit for capital markets”.

“The structured, asset-based financing via ‘Cluno FinTech 1 GmbH’ and ‘Cluno FinTech 2 GmbH’ is a highly profitable and at the same time insolvency-proof investment for banks. Cluno’s fully digital reporting and the resilient backup service structure contribute to reliability,” says Dr. Veronika von Heise-Rotenburg, CFO of Cluno in a press release.

In the meantime, the beforehand raised fairness is getting used to develop the two-year-old Cluno, which presently counts 80 staff.

Provides Nico Polleti, co-founder and CEO of Cluno: “Car subscription has proved to be very successful as a mobility concept and is on the verge of entering the mass market. As innovation driver in a fast-paced industry, we want to take our business model to the next level as quickly as possible. Our goals are scaling and, in the long run, internationalization. Both the financial resources as well as the trust of the financial institutions are a crucial lever.”

>

This menu is coming soon!

Story

Write Story or blog.

Image

Upload Status or Memes or Pics

Video

Upload videos like vlogs.

More Formats

Coming Soon!

My Style

Your profile's Look

My Followers

People who follow you

My Interests

Your Posts Preference

My Bookmarks

Bookmarked Posts

My Following

People you follow

Settings

Your profile's Settings

Logout

Log out of Rapida

Sign In

Login to your Rapida Account

Register

Create account on Rapida