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.