Estonian Planet42 received $25M in debt and equity fund-raising

Estonian car subscription company Planet42 has received $10M in debt funding from existing shareholders and other supporters from Estonia, and $15M in venture investments from Estonian venture fund Change Ventures, South African media group and technology investor Naspers, and US business angel Andrew Rolfe.

Planet42 has operational offices in South Africa and Mexico. The company buys second-hand cars from a network of motor dealers and connects them to customers on a subscription basis, without the need to physically see the car or meet the customer. The startup helps customers, who are unable to get financing from traditional financial institutions, to buy their vehicles. The new financing will help the startup to grow further in South Africa and expand in Mexico.

Founded in 2017 by Estonian entrepreneurs Eerik Oja and Marten Orgna, the mobility startup has distributed more than 12K cars to customers in South Africa, and 250 cars - to customers in Mexico. Among existing investors from Baltics are Estonian accelerator Startup Wise Guys, founder of Estonian transportation platform Bolt @waldec Martin Villig, and founder of Estonian unicorn Pipedrive Ragnar Sass.

In November 2022, US fund Rivonia Road Capital, LLC provided the startup with a $75M credit facility. $13,5M was allocated to refinance an earlier loan, and the rest was invested in the growth and expansion of the company in South Africa.