Munich-based car subscription service, Cluno has ended a Series A funding with €7m. Led by Acton Capital and participation from Atlantic Labs, the company plans on using the funds to continue to expand its operations and business reach.
“Our vision is to give people smarter access to unrestricted, personalized mobility,” says Cluno co-founder Nico Polleti. “We still see a lot of people who want to have their car in front of their home every day. But in a smarter way than today! Carsharing is not the answer for the mass market. That’s why car subscription or smart ownership solutions will completely change the way people get access to everyday mobility”.
Cluno's service is simple. After a user visits the Cluno website, they can choose the vehicle to subscribe to for a minimum period of six months. The user can then pay a setup fee and a fixed monthly fee that depends on the model chosen. This covers the vehicle, insurance, breakdown cover, tax, and maintenance.
The goal is that the only cost left over for the user is fuel. Upgrades and downgrades are free to make after the initial six months and the subscription can be paused or canceled at any time.
“Why do customers have to buy, finance or lease a car for several years?” asks Polleti rhetorically. “People’s lives and needs change and so should their cars. We take care of the whole process… Our customers subscribe and get a car “ready-to-drive” and home delivered."
Polleti continues, “Then they find us and see the huge advantage of flexibility and an all-inclusive rate. I think that’s the big difference and the main reason to choose a Cluno car."
Managing Partner at Acton Capital, Dr. Christopher Braun agrees with the noting, stating that the use of mobility is changing, and he argues that technology such as electric vehicles and autonomous cars will no longer be bought or leased in the traditional way.
“In just a few months, Cluno has created an attractive car subscription model that makes these new technologies easily accessible. While traditional leasing offerings are characterised by rigid contracts and lack of transparency, Cluno relies on a flexible model, digital-first customer experience with transparent all-inclusive pricing,” he says.
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