Seven-figure sum for Faaren

The Rottendorf-based start-up offers companies everything to do with renting cars on a subscription model. Faaren has now been able to raise a seven-figure sum in a recent financing round, with Helvetia Venture Fund as one of the investors.

Faaren offers a white label solution for car companies and dealers to offer their cars in a subscription model and provides an online marketplace. Now the start-up has successfully closed a financing round, raising a seven-figure sum. Backers are the Helvetia Venture Fund and business angels such as the Flixbus founders and other investors.

"With the participation of Helvetia Venture Fund, we can look forward to a promising collaboration that will take the further growth of our highly scalable software solution to a new level," says Daniel Garnitz, founder of Faaren. The money will go towards the product and marketing, but it will also be used to "open up market access to new partners in other segments such as manufacturers, insurance companies, banks and car rental companies".

Faaren handles all subscription-related processes for its customers, including credit checks, customer service or technical infrastructure, in addition to white label solutions. It was founded in 2018 and has to compete against competitors such as Vive la Car, Like 2 Drive or Cluno.

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