At present, we lack flexibility when it comes to car ownership and it requires a lot of effort right from comparing offers to negotiating prices to submitting papers and making appointments for pick-up. With Cluno, which works like Netflix or Spotify of car subscriptions, this time-consuming and cumbersome process is a thing of the past.
The Munich-based startup has now raised €140 million in debt financing, the company disclosed today. Separately, the company raised around €32 million in equity from German and US venture capital investors. The startup said it had recently signed two asset-backed financing deals totalling €80 million.
Nico Polleti, Co-Founder and CEO of Cluno:Â
“Car subscription has proved to be very successful as a mobility concept and is on the verge of entering the mass market. As an innovation driver in a fast-paced industry, we want to take our business model to the next level as quickly as possible. Our goals are scaling and, in the long run, internationalization. Both the financial resources, as well as the trust of the financial institutions, are a crucial lever.”
The structured financings through Cluno FinTech1 GmbH and Cluno FinTech 2 GmbH are dedicated to driving the growth of the car subscription fleet and serve as the basis for structures that are fit for capital markets.
Dr. Veronika von Heise-Rotenburg, CFO of Cluno, said:
“The structured financings via Cluno FinTech 1 GmbH and Cluno FinTech 2 GmbH are highly profitable and asset-based investments for banks. Cluno’s fully digital reporting and the resilient backup servicer structure contribute to reliability.”
The company intends to use the new financing to meet the growing demand for vehicles and consolidate Cluno’s market position. Furthermore, the German car subscription service provider will use equity provided by Valar Ventures, Acton Capital Partners, and Atlantic Labs to develop a two-year-old FinTech company.
Monthly car subscription!Â
With this platform, clients can book a car online for a fixed, monthly package price that includes everything except refuelling. It’s worth mentioning that the rate covers costs such as maintenance, wear and tear, seasonal tires, warranty, registration, vehicle tax, insurance and vehicle inspections.
Six months per vehicle!Â
The minimum booking period is six months per vehicle. Upon which, subscription customers can return or switch their car with three months’ notice. In addition to it, customers can pause their car subscription, or continue with their Cluno vehicle indefinitely.
Book a car under 3 minutes!
Users can book a car through the app in both Android and iOS, which was introduced earlier this year. At present customers can book cars from a variety of models from different brands, including BMW, VW, Audi, and Ford across Germany. Notably, the platform offers cars of every size from small hatchbacks to SUVs, as well as hybrid and electric vehicles.
How Cluno works?
Step 1: Open Cluno app, choose your desired vehicle and enter a start date
Step 2: Enter the needed information and confirm the booking by signing on your smartphone
Step 3: Upload proof of income and driver’s license through the integrated camera app.
Step 4: Now confirm your identity via electronic identity verification
Step 5: Enter the desired location for delivery free of charge
Expertise in automotive and online industries
Cluno founders – Andreas Schuierer, Christina Maria Polleti, and Nico Polleti have years of experience in the automotive and online industries, with their last start-up, easyautosale, being sold to Autoscout24 in 2015. Also, Cluno has been legally advised by Dr. Dietmar Helms and Dr. Florian Putzka of Hogan Lovells, both are proven experts for structured financings.
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