Car subscription provider Cluno raises debt capital to more than €140M
Munich, September 24, 2019 – Changing weight class: mobility and fintech startup Cluno has signed two asset-backed financing deals totaling €80 million as an addition to its existing lines. Now, the Munich-based company has €140 million in debt capital at its disposal, in addition to the €32 million in equity from German and US venture capital investors.
The structured financings through Cluno FinTech 1 GmbH and Cluno FinTech 2 GmbH are dedicated to further drive the growth of the car subscription fleet and serve as the basis for structures that are fit for capital markets.
Only six months ago, in February 2019, Cluno announced the closing of its Series B by Valar Ventures, Acton Capital and Atlantic Labs. While Cluno’s equity is being used to grow the two-year-old company, currently counting a team of 80 employees in Munich, the purpose of the recent financing is to meet the growing demand for vehicles and consolidate Cluno’s market position. The fresh financing complements several existing lines at renowned banks and leasing companies.
Cluno was founded in Munich by Christina Polleti, Nico Polleti and Andreas Schuierer, after they sold their last startup easyautosale to AutoScout24. “Car subscription has proved to be very successful as a mobility concept and is on the verge of entering the mass market. 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,” explains Nico Polleti, Cluno’s Co-founder and CEO.
“As innovation driver in a fast-paced industry, we want to take our business model to the next level as quickly as possible.”
– Nico Polleti, Cluno
“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,” says Dr. Veronika von Heise-Rotenburg, CFO of Cluno.
NIBC Bank, Varengold Bank and Deutsche Handelsbank each contribute a significant share of the financing. “We are very pleased to be able to support Cluno on this journey,” says Vincent Dobbelaar, Director FinTech & Structured Finance at NIBC Bank Deutschland AG.
“We believe that the development of the Subscription Economy is an important economic trend that requires new financing solutions.”
– Vincent Dobbelaar, NIBC
Florian Springer, Head of Banking as a Service of Deutsche Handelsbank AG: “The idea of digital mobility requires a digital financing solution that meets the associated need for flexibility. As one of the leading Banking-as-a-Service (BaaS) providers in Germany, we have developed a concept together with Cluno that suits the product and its customers.”
Cluno’s digital car subscription challenges traditional car ownership models in the mobility market and expands the space between hourly and years-long commitments with a flexible option and transparent, fully predictable costs. The car subscription is offered at a fixed monthly package price covering all costs – such as maintenance, wear and tear, seasonal tyres, warranty, registration, vehicle tax, insurance and vehicle inspections – except fuel. The minimum booking period is six months per vehicle. Subject to a notice period of three months, customers can change their vehicle after the minimum period, pause their car subscription, or continue on with their Cluno car indefinitely. More than 70 models spanning a number of brands are available – from Opel Corsa to Porsche 911 via Cluno’s website or the Cluno App for iOS and Android.