Helvetia Venture Fund backs FAAREN
Helvetia Venture Fund , the VC fund of Swiss insurer Helvetia, announced an undisclosed investment in FAAREN , a car subscription company based in Germany. FlixBus founders (SEK Ventures GmbH) and other private investors are taking part in the financing round alongside the Helvetia Venture Fund. FAAREN will use the proceeds from the financing round to expand its marketing activities and continue evolving its product and software development.
Founded in 2018, FAAREN allows car dealers to offer their vehicles to customers on the basis of a subscription model the dealers themselves are free to define. Via its own website, FAAREN also offers its partners a marketplace for car subscriptions, helping them reach a broader target market with their offerings. This provides car dealers with an opportunity to tap a new business area quickly and easily, while still maintaining direct contact with their customers.
“Demand for car subscriptions is increasing unabated. This investment grants us access to the world of future mobility.” – Philipp Stieg, Head of Business Development at Helvetia Germany.
“Thanks to the Helvetia Venture Fund’s investment, we can look forward to a promising partnership going forward – one that will take our highly scalable software solution to the next level in terms of growth. It will enable us not only to invest in product development and marketing, but also to offer market access to new partners from other segments, such as manufacturers, insurers, banks and car rental firms.” – Daniel Garnitz, CEO and co-founder of FAAREN.