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Eco-conscious car subscription platform finn.auto raises $24.2M, with White Star and Zalando founders
Finn.auto — which allows people to subscribe to their car instead of owning it, and offsetting their CO₂ emissions — has raised a $24.2 million / €20 million Series A funding round. White Star Capital (which has also invested in Tier Mobility), and the Zalando co-CEOs Rubin Ritter, David Schneider and Robert Gentz, are new investors in this round. All previous investors participated.
The funding comes just under a year since the company launched, after selling just 1,000 car subscriptions. It’s also partnered with Deutsche Post AG and Deutsche Telekom AG.
A number of car manufacturers have launched similar subscription services powered by various providers, such as Drover, LeasePlan and Wagonex.
U.K.-based startup Drover has raised a total of $40 million in funding over five rounds. Their latest Series B funding round was with Shell Ventures and Cherry Ventures . Plus, there are branded services which include Audi on Demand, BMW, Citroën, DS, Jaguar Carpe, Land Rover Carpe, Mini, Volkswagen and Care by Volvo.
Digitally led subscription services have the potential to disrupt the traditional car sales model, and new startups are entering the market all the time.
The finn.auto model is proving to appeal to environment-conscious millennials. For each car subscription, the company is offsetting the CO₂ emissions of its vehicles, meaning subscribers can drive their cars in a climate-neutral manner. It’s now expanding its range of fully electric vehicles and, in cooperation with ClimatePartner, is supporting selected regional climate protection and development projects.
Key to the Munich-based startups’ play is the automation of fleet management processes and customer interactions, meaning it’s much easier and cheaper to run this kind of subscription operation.
Max-Josef Meier, CEO and founder of finn.auto, said: “We are delighted to have been able to bring such high-caliber investors on board and that our existing investors are cementing their confidence with the current round. Mobility with your own car becomes as easy as buying shoes on the internet. We already offer a large selection of different car brands, whose cars can be ordered online on our platform in just five minutes and at flexible runtimes. The delivery is then conveniently made to the front door.”
Nicholas Stocks, general partner at White Star Capital added: “There is a huge opportunity globally to streamline outdated customer experiences in the automotive retail space and become the Amazon of the automotive industry. This is something finn.auto is excellently placed to capitalize on with its offering of convenience, flexibility, value and sustainability.”
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Citroën introduces a two-seat EV that costs €19.99 a month
The Citroën Ami is a new take on urban mobility. It’s electric, cheap and doesn’t require a license. In short, it’s less of a car and more of an electric scooter with two seats, doors and a heater. Jokes aside, the Citroën Ami could be a glimpse at the future of mobility.
The innovation isn’t in the technical aspects of the Ami. Citroën is positioning the Ami as an urban mobility solution. The size is perfect for narrow streets and the price is right to be competitive against public transport. The Ami is not classified as a motor vehicle. As such, operators do not need a license and can be as young as 14 in France and 16 in other European countries.
Passengers sit side-by-side in the heated compartment and under the panoramic roof. The 5.5kWh lithium-ion battery is housed under the floor and is good for up to 70 kilometers after a three-hour charge from a standard 220v outlet. The top speed is 45 km/h (28 mph).
And because it’s a Citroën, there’s a nod to the company’s quirky past: The side windows open manually by tilting upwards like the classic 2 CV.
The Ami is available to consumers in several different ways. It can be rented long term at a cost of €19.99 (including VAT) per month with an initial payment of €2,644 (including VAT). The Ami can be rented through a car-sharing service for up to a day at a rate of €0.26 per min. Or, the Ami is available for purchase from €6,000 (including VAT).
Citroën is taking orders for the Ami starting on March 30 in France and several months later in Spain, Italy, Belgium, Portugal and then Germany. The first Ami vehicles are expected by June.
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Peugeot plans 100 percent electrified vehicle lineup by 2025
European automaker PSA Peugeot Citroen plans to offer electric and hybrid electric powertrain options for all of its vehicles by 2025, according to CEO Carlos Tavares. The chief executive also said that PSA will seek to re-enter the U.S. market, according to Reuters, and revealed that they company aims to offer partial autonomous driving features on 80 percent of its car lineup by 2030, with… Read More
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