Car subscription company Planet42 raised $100 million in an equity and debt round from Naspers Foundry that co-led the $15M equity round alongside ARS Holdings where in equity existing and new shareholders, including Rivonia Road Capital also participated.
Planet42 assesses risk in underbanked customer segments using proprietary scoring algorithms. Customers can also use its algorithms to determine their budget and select new or pre-owned vehicles from Planet42’s dealership network. According to the company, the new financing, which consists of equity, credit facility, and debt, will allow it to rapidly scale its business and provide cars to people who are unable to obtain traditional car financing.
