Cluno, a German-based car subscription company, recently fund raised €140 million through debt financing.
Two asset-backed financing deals totaling €80 million were signed recently, adding to €60 million of debt previously secured — i.e. it’s not all entirely new money.
Separately, the company raised €25 million in equity financing in a Series B round in February led by Valar Ventures, the U.S.-based venture capital firm founded by Peter Thiel. Others that participated are Acton Capital Partners and Atlantic Labs, which both backed Cluno’s Series A round. It brought total equity raised by Cluno to €32 million.
Founded in 2017 by the same team behind easyautosale (which exited to Autoscout24 in 2015), Cluno offers an alternative to car ownership or a more restrictive lease by enabling you to subscribe to a car for an all-inclusive monthly fee.
Available in Germany only, you book your car online or via the Cluno app, with the monthly fee covering all costs except fuel. After a minimum term of six months, subscribers can return or switch their car with three months’ notice.
Convenience and choice is also part of the pitch. This sees bookings, as well as credit checks and signatures, all carried out paperlessly via the Cluno app. The startup offers multiple models from nine car companies, including BMW, VW, Audi and Ford. Models span small cars to SUVs, including hybrid and electric vehicles.
Cluno says the new debt financing is dedicated to growing the company’s car subscription fleet “and serves as the basis for structures that are fit for capital markets.”
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