Car subscription service Cluno raises funds
Through its Series B funding round—led by Valar Ventures—the mobility and fintech company Cluno has secured $28 million to further expand its business. In total, Cluno says it has raised $36 million in funding in less than one year.
The company states that it will use the additional capital to accelerate its growth and to fuel its technological advance. The company provides a digital car subscription service in Germany. The entire process of making the booking, as well as credit checks and signatures, is conducted paperlessly via app. The Cluno app for iOS was published on October 31, 2018, with the Android app following in early 2019.
Cluno provides a subscription model for car ownership. Users can digitally book a car in the app for an all-inclusive, monthly subscription fee and have it delivered to their desired place. In contrast to purchasing, financing, or leasing a car, there is no long-term commitment—the minimum contract period is six months, with a notice period of three months.
Not tied to a particular brand, Cluno offers almost 50 models from nine different makes, including BMW, VW, Audi, and Ford, in all of Germany. It features small cars to SUVs, as well as new technologies such as hybrid and electric vehicles.
Nico Polleti, Co-founder and CEO of Cluno, said, “People don’t just want simple, quick, and flexible access to mobility for a fair price, but more than ever, a contemporary, digital service with a compelling end-to-end experience. Cluno is dedicated to this mission and the digitalization of the entire car subscription process.”
Andrew McCormack, general partner of Valar Ventures, added, “Cluno has created an appealing solution for mobility that consumers love. They have simplified the complex process of car financing and made it available in a straightforward way through their app. Through Cluno's automated credit check, users can also receive feedback in real time.