Car subscription startup Planet42 has raised a USD 100mn debt and equity round. The equity component, totalling USD 15mn, was co-led by Naspers and ARS Holdings alongside new and existing investors.
These include Rivonia Road Capital. RRC provided a USD 75m credit facility and private investors contributed a further USD 10mn in debt financing.
Based in South Africa, the company will use the funds to grow its business to meet a goal of providing one million cars worldwide. So far, it has added nearly 1,000 dealerships to its network, which has registered an average increase in car sales to 26%. It has also recently launched in Mexico, a market in which it says bears strong similarities to South Africa.
About Planet42
The mobility startup was founded in Estonia in 2017. It offers rent-to-buy car subscriptions and is fighting transport inequality by putting cars into the hands of people who are not catered to by banks. So far it has raised USD 150mn in debt and equity from Naspers, Change Ventures, Starup Wise Guys Martin Villig (Bolt), Ragnar Sass (Pipedrive) and Andrew Rolfe. In 2021, it was certified as a CarbonNeutral company by Climate Impact Partners.
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