Cluno discloses €140M in debt financing

Germany-based car subscription service  Cluno  announced that it has raised €140 million in debt financing.

The company recently secured two asset-backed financing deals totaling €80 million, in addition to the €60 million of debt previously obtained. Earlier this year, the company raised $28 million in equity financing in a Series B round and in total the company raised $36 million in VC funding.

Founded in 2017, Cluno allows users in Germany the chance to subscribe to a car for an all-inclusive monthly fee. The car is booked online or via the Cluno app, and after a minimum term of six months, subscribers can return or switch their car with three months’ notice.

“Car subscription has proved to be very successful as a mobility concept and is on the verge of entering the mass market. As innovation driver in a fast-paced industry, we want to take our business model to the next level as quickly as possible. 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.” – Nico Polleti, cofounder and CEO of Cluno.