Finn secures $109 mn in funding to speed up EV fleet transition

EV fleet transition: Finn German car subscription service Finn has garnered €100 million in funding, equivalent to approximately $109 million, to expedite its transition towards an entirely electric vehicle (EV) fleet. The funding round, which propels the company's valuation beyond $600 million, was spearheaded by London's Planet First Partners, an equity firm specialising in sustainable investments.

Headquartered in Munich, Finn intends to deploy the capital to intensify its focus on electric vehicles. The firm aims to augment the proportion of low-emission vehicles within its fleet to over 80 per cent by the year 2028.

In its latest financial disclosure, Finn revealed an annual recurring revenue of €160 million and boasts a subscriber base exceeding 25,000 active subscriptions. Offering an array of 30 distinct car brands on a subscription model, the company marked its foray into the US East Coast market in 2022.

(With Reuters inputs)