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

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