25 million euros for the startup, which leases cars by subscription
The last round of financing is less than a year back, now collect the founders of the Munich auto-subscription provider Cluno again money: Christina and her husband Nico Poletti and co-founder Andreas Schuierer get 25 million euros. As a new shareholder is once the star investor Peter Thiel co-founded VC fund Valar Ventures based in New York. Also the existing investors Acton Capital and the Berlin VC Atlantic Labs of Christophe Maire joined. The Handelsblatt first reported on the financing. Accordingly, the founders want to go abroad with the millions.
Models offered by Cluno
Cluno offers subscription-based vehicle models from various manufacturers, including; small and mid-size cars from manufacturers such as Audi, Renault and Volkswagen. The cheapest model is according to the company an Opel Corsa for 259 euros per month. Motorists pay much more for a 5 Series BMW Sport: 749 Euros are due every month.
What the subscription includes
Maintenance and insurance are included — tank bills are not. The minimum term for the contracts is half a year, within three months, customers can switch to another car model. As the Handelsblatt Cluno, co-founder Poletti quotes, the number of customers of the startup in the past half year has grown by 20 percent each month.
Andreas Schuierer, Christina and Nico Poletti founded Cluno in 2017. For them, their car subscription service is not the first company. With easyautosale.com, the three already launched a market place for car sales in 2011. Four years later, they sold the company to Autoscout24. In Cluno, investors last invested seven million euros in April 2018.
Auto subscriptions are popular in the mobility industry; but only in the USA. Instead of buying or leasing cars, customers can rent them monthly and then exchange them for another model later.
Originally published at TheStartupFounder.com.