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Norway’s electric car subscription service imove closes $22.3M Series A led by AutoScout24

The “subscribe to your car” movement has been taking off in recent years, with the illusion of Fleks in the UK( Europe ), Cazoo( after its buy of Drover ), Care by Volvo Hertz, to reputation really a few.

Into this space has appeared imove out of Norway, with what appears, at least, to be a brand-new construction on the whole thing: a white-label platform offered to industry to enable it to offer these automobile subscription works under their own firebrands. imove’s platform allows users to subscribe to electric vehicles from eighteen different both manufacturers and over 50 different models.

The startup has now closed a EUR1 9M/ $22.3 M Series A round to be provided by pan-European online car market AutoScout2 4. It was joined by the VCs Norselab and Idekapital, as well as the Norwegian state climate investment company Nysno. Existing owner Hedin Automotive likewise connected. The round consists of a new equity issue of EUR1 3M combined with a EUR6M secondary sale of shares.

Founded in 2018, imove allows a company in automotive, finance, assurance, or even energy and telecommunications, to offer car subscriptions as an alternative to car ownership or leasing.

The unit is led by co-founders Hans Kristian Aas( CEO) and Gunnar Birkenfeldt( CPO ), who are jumping on a trend whereby( according to some reckons) some 20 -3 0% of new gondola marketings globally are predicted to be switched to car subscriptions by 2025.

Hans Kristian Aas, co-founder, and CEO said: “Amazing customer feedback, strong gang fiscals, and an industry ripe for change told us that the timing was right for pushing the’ Scale button’.”

AutoScout2 4 is a large, pan-European online car market, and will act as a distribution channel for imove’s electric vehicle subscription service.

“With this investment, AutoScout2 4 clearly outlooks itself at the forefront of supporting brand-new owned mannequins for consumers and purchasers, and makes a decisive step in supporting the EV introduction, ” said Chief Strategy Officer at AutoScout2 4, Borja Muller.

While imove is clearly moving fast in Europe, there are various musicians offering engineering for auto subscription and sail management. These include Ridecell( US-based ), Clutch( US-based, owned by Cox Automotive ), Fleetonomy( Israel) and Vulog( France ). So there’s plenty to play for in this hasten yet.

Read more: feedproxy.google.com

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