Valar Ventures leads $28m round for Cluno

Existing investors Munich-based Acton Capital Partners and Berlin-based Atlantic Labs also participated in the round. Valar's investment comes after it joined a $160m, series-C funding round for Berlin-based mobile bank N26 last month. Its investments in Europe are focused on Germany, France and the UK in the financials and technology sectors.

A spokesperson for Cluno told Unquote that Valar's involvement came about through Christophe Maire, the founder of Atlantic Labs, connecting Valar and Cluno. Maire understood Valar was focused on disruptive business models.

Atlantic Labs, Acton and Valar will each have a seat on Cluno's board following the funding round.

The founding team previously started online car sales platform Easyautosale, which was sold to Scout24 in 2015 for around €5.6m. When asked if Cluno would consider a similar exit, a spokesperson told Unquote that the momentum of the company was strong enough and the market potential large enough, that the company is currently not planning an exit.

The number of people employed by Cluno rose from 20 in April 2018 to 55 today.

Previous funding
Atlantic Labs led a seed funding round for Cluno in 2016, raising an undisclosed amount for a minority stake in the business.

In April 2018, Acton Capital led a €7m series-A funding round. Atlantic Labs also took part in that funding round.

Company
Cluno was founded in 2017. Based in Munich, Germany, the car rental subscription service employs 55 people. Customers can go online or use an app to hire a car for a fixed monthly fee covering all costs except fuel. After a minimum term of six months, users can return or switch their car with three months' notice.

People
Valar Ventures – Andrew McCormack (general partner).
Acton Capital – Christoph Braun (managing partner).
Atlantic Labs – Christophe Maire (founder and CEO).
Cluno – Nico Polleti (co-founder and CEO).

Advisers
Company – Schnittker Möllmann Partners, Benjami Ulrich (legal).

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• Topics
• Expansion
• DACH
• Consumer
• Venture
• Germany