Munich-based Finn has raised $109 million in a Series C round led by sustainability-focused investor Planet First Partners, gearing up to scale its car subscription service and shift towards electric vehicles. The funding values Finn at $658 million and brings its total raised to around $250 million.
Finn has financed over $1 billion in vehicles since its 2019 launch. With the new capital infusion, co-founder and CEO Maximilian Wühr plans to expand profits while accelerating the company’s goals to make 80% of its fleet electric by 2028, doubling from 40% today. This aligns with Planet First’s mission to support the transition to EVs.
Unlike other failed car subscription startups, Finn has achieved strong unit economics through an asset-light model with simple and transparent subscriptions. It now sees an annualized recurring revenue run rate of €160 million ($174 million) across Germany and the United States - its only two markets currently. Impressively, its core offering is already profitable.
Finn intends to improve its mobile app to remove friction points and potentially eliminate the need for customers to ever speak to an agent. It also plans to leverage connected car data for superior service and new in-car features.
As the leading car subscription platform in Europe, Finn seems well-positioned to accelerate EV adoption with its stripped-down model. With substantial new funding and focus under its hood, Finn may soon shift into an even higher gear globally.