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finn.auto rents out cars via subscription
Nowadays, consumers have the option to take out subscriptions for everything – from music streaming subscriptions to subscriptions to use e-scooters and electric scooters.
Max-Josef Meier, founder of the online shopping platform Stylight, strives with his new startup finn.auto to also rent cars via subscription. The finn.auto concept advertises, among other things, to eliminate maintenance costs and loss of value as factors for the consumer. Motor vehicle insurance is also to be regulated via the finn.auto subscription so that the costs for the renter of the vehicle are limited to the fixed price of the subscription.
The Munich startup has been offering the car subscription since 2019 and lets its customers rent the vehicles flexibly for several months. “Our motivation is to create an e-commerce customer experience comparable to buying shoes on the Internet,” explains Meier to Gründerszene, according to Business Insider.
20 million euros thanks to a financing round
After finn.auto has already been able to sell around 1,000 vehicles to its subscribers, the startup managed to raise additional capital of 20 million euros in a financing round. The investors include the Zalando bosses David Schneider, Robert Gentz and Rubin Ritter as well as the venture capital company White Star Capital.
In total, finn.auto now has around 29 million euros in capital, as Picus Capital and HV Capital had already invested 8.8 million euros in the startup.
Meier expressed his joy at the successful financing round to Yahoo News as follows: “We are pleased to have won such high-caliber investors and that our previous investors cemented their confidence in the course of the current round.”
The newly acquired capital will now help to achieve the goal of a total of 5,000 rented cars in 2021.
Rent a car from 279 euros per month
finn.auto differs from classic car leasing in that the subscribers can see the total costs – excluding fuel costs – at a glance. finn.auto offers an all-round carefree package, with which the consumer incurs no additional costs. Accordingly, vehicle tax, insurance and workshop costs are covered by the subscription price.
The costs to be paid at finn.auto vary depending on the model and version of the car. The startup’s customers can currently choose from over 75 different models, including both petrol and electric cars.
In the lower price segment, subscribers can rent a Fiat 500 for 279 euros per month. A Tesla Model 3 costs 900 euros per month. Accordingly, the startup is paying dearly for its service compared to regular leasing offers.
The vehicle is ordered via the company’s website, and each vehicle must be rented for at least one month. For a one-time fee of 99 euros, the car will then be delivered to the subscriber’s doorstep after one to four months, depending on the model and availability.
Henry Ely / finanzen.net editors
Image sources: inxti / Shutterstock.com
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