South Africa's Planet42 Raises Over $16 Million from Standard Bank
Summary
Planet42 has so far raised over R3 billion in debt and equity from Naspers, Change Ventures, Startup Wise Guys, Bolt co-founder Martin Villig, Pipedrive co-founder Ragnar Sass and Andrew Rolfe as well as lenders such as Rivonia Road Capital.Standard Bank has announced the investment of R300 million (over $16 million) into South Africas car subscription company, Planet42. Standard Bank created a unique debt structure for the business whilst also investing equity capital and providing Planet42 with local funding to better match their needs. As a result of this funding injection, Planet42 will purchase more cars in addition to the 20 000 vehicles that they have already provided in recent years.Planet42 has already raised over $150 million (more than R3 billion) in debt and equity from other investors including Naspers, Change Ventures, Startup Wise Guys, Bolt co-founder Martin Villig, Pipedrive co-founder Ragnar Sass and Andrew Rolfe as well as lenders such as Rivonia Road Capital.Commenting on this funding rounds, Plane42s CEO and co-founder Eerik Oja said, A personal car fosters financial inclusion and economic empowerment, paving the way for a brighter and more accessible future for every South African. Its incredibly significant to have a group as prestigious as Standard Bank align with this mission; their commitment to innovation and inclusion makes them the ideal partner for us.EERIK OJA CEO and co-founder of Planet42Planet42 has a proprietary scoring algorithm that allows them to take on customers who will typically not be accepted by traditional vehicle finance companies. Since its launch, nearly 2 000 South Africans have taken delivery of a personal subscription car from the Menlyn Marketplace, demonstrating strong demand for flexible vehicle access solutions and affirming Planet42s commitment to innovating the car subscription space.Also Read: A Look into Africas Startup Funding Landscape with Efayomi Carr From Flourish Ventures