Advertisement

Updated January 11th, 2024 at 17:58 IST

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

Headquartered in Munich, Finn intends to deploy the capital to intensify its focus on electric vehicles.

Finn
Finn | Image:Finn
Advertisement

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.

Advertisement

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)

Advertisement

Published January 11th, 2024 at 15:53 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo