€68-81k
+ Equity
More information about location
Car subscription service
Job no longer available
Car subscription service
201-500 employees
Job no longer available
€68-81k
+ Equity
More information about location
201-500 employees
To build the most popular car subscription platform.
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208% employee growth in 12 months
Apr 2024
$1.2m
LATE VC
Jan 2024
$114.2m
SERIES C
Digitally led car subscription services have huge potential to disrupt the traditional car sales model. They work on a simple premise: many consumers want to have their own car, but don't want to commit to the costs associated with car ownership. FINN's early success is good evidence of this consumer demand, within its first year of operation, the company sold 1000 car subscriptions and closed a Series A funding round. In 2024, it's grown its total funding to $244 million.
Despite early successes, FINN faces stiff competition. A number of car manufacturers have launched similar subscription services powered by various providers, such as Drover, LeasePlan and Wagonex, whilst others already offer such services directly to consumers. Examples include "Audi On Demand" and "Care" by Volvo. Establishing itself in a market which is becoming more crowded will thus be a key challenge for FINN.
Two key features help FINN set itself apart from competitors. Firstly, FINN's model appeals to environmentally-minded consumers, with the company offsetting the CO2 emissions of its vehicles. Secondly, FINN's automation of fleet management and customer interactions make its business much cheaper and easier to run, allowing the company to focus on growth.
Having trialled its service in Germany and attracting a large tranche of additional funding, it has expanded to the northeastern United States with the aim of moving into other states soon. It is currently targeting the small and medium business sector there and is working towards adding additional EVs to its fleet, a requirement for remaining competitive in this sector as environmental regulations mount.
Steph
Company Specialist at Welcome to the Jungle