Planet42, a car-booking startup that addresses transportation inequities, has raised $100m in combined equity and debt funding. Founded in Estonia in 2017, Planet42 has operations in South Africa and Mexico.
Planer42 Leadership Team | Image provided
The $15m equity round was led by Naspers and ARS Holdings, with participation from existing and new shareholders including Rivonia Road Capital, which provided a $75m loan facility.
Private investors contributed an additional $10m in debt financing. The funding will enable Planet 42 to rapidly grow its business and achieve its ambition of delivering one million cars worldwide.
In the year By 2021, Planet42 had raised $6 million in equity and $24 million in debt financing. Since then, the company has almost quadrupled the size of its business and has bought more than 5,000 cars in South Africa in the last 12 months alone.
Nearly 1,000 distributors in South Africa have been added to the Planet42 network. Planet42 buys and rents a car of the customer’s choice.
South Africa Managing Director and Planet 42 Country Manager Grant Wing says:
Planet 42 is committed to breaking down the barriers South Africans face in getting into cars. The struggle of credit, especially car financing, has been a constant challenge for millions of people in the country, even ten years ago, when the economy was in better shape and we understand the great impact this has on people’s lives. Basically, any car has a low standard of living and, in many cases, no income. Our mission is to empower people to create a brighter future for themselves, and we’re proud to be a part of their journey to financial inclusion and success.
“I’m excited to see Planet42 expand around the world and improve the lives of thousands of individuals with limited access to private transportation, significantly supporting their quality of life and opportunities. The Planet42 team has demonstrated impressive performance, with a proven innovative, cash-generating and globally scalable model Andrew Rolfe, General Partner of RS Holdings, will join Planet42 as a member of the Supervisory Board.
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