Car subscription service Cluno discloses €140M in debt financing
Cluno, the Munich startup providing what it calls a “car subscription” service, is disclosing that it has raised €140 million in debt financing.
Two asset-backed financing deals totalling €80 million were signed recently, adding to €60 million of debt previously secured — ie 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 who participated are Acton Capital Partners and Atlantic Labs, which both backed the 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
This post was originally published on this site