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Planet42 is a technology company.
Planet42 operates a rent-to-buy car subscription service designed to broaden access to personal mobility. The company acquires used vehicles from dealerships and provides them to customers through a flexible subscription model, utilizing a proprietary algorithmic credit assessment system. This approach allows them to serve individuals who are typically underserved by conventional financial institutions, enabling them to secure reliable transportation.
The company was co-founded in 2017 by Eerik Oja and Marten Orgna. Their founding insight stemmed from recognizing a significant market need in regions where many capable individuals face systemic barriers to vehicle financing due to stringent traditional credit requirements. With their background, including Orgna's experience in African markets, they set out to create an alternative solution to address this gap.
Planet42 serves customers seeking accessible car ownership, particularly those excluded by mainstream credit providers. The company's vision centers on fostering transport equality by democratizing access to vehicles, thereby creating new opportunities for economic and social advancement. It aims to empower more people with the means to improve their livelihoods and connect to greater possibilities.
Planet42 has raised $154.5M across 6 funding rounds.
Planet42 has raised $154.5M in total across 6 funding rounds.
Planet42 has raised $154.5M in total across 6 funding rounds.
Planet42's investors include Standard Bank, Andrew Rolfe, Naspers, Daniel Zinn, Phuthi M., Markus Villig, Martin Villig, Ragnar Sass, Change Ventures, Lendable, Startup Wise Guys, byFounders.
Planet42 is a mobility fintech company that offers a rent-to-own (car subscription) service which helps people underserved by traditional banks access pre-owned vehicles through dealer partnerships and algorithmic credit assessment[2][1].
High-Level overview
Origin story
Core differentiators
Role in the broader tech landscape
Quick take & future outlook
Sources cited above are Planet42’s company press materials and market profiles summarizing its product, founding, milestones and model[2][1][3].
Planet42 has raised $154.5M across 6 funding rounds. Most recently, it raised $15.8M Debt / Other Equity in March 2024.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Mar 23, 2024 | $15.8M Debt / Other Equity | Standard Bank | |
| Feb 22, 2023 | $100.0M Debt / Other Equity | Andrew Rolfe, Naspers | Daniel Zinn |
| Dec 21, 2021 | $30.0M Debt / Other Equity | Phuthi M. | Markus Villig, Martin Villig, Ragnar Sass, Change Ventures, Lendable, Startup Wise Guys |
| Dec 1, 2021 | $6.0M Seed | byFounders, Change Ventures, Soma Capital, James Berdigans, Kristjan Vilosius, Martin Tajur, Martin Villig, Ragnar Sass, Taavi Kotka | |
| Dec 3, 2020 | $650K Debt | Hani Ibrahim | |
| Jun 1, 2020 | $2.0M Seed | Change Ventures | James Berdigans, Kristjan Vilosius, Martin Henk, Martin Tajur, Martin Villig, Taavi Kotka, Marko Virkebau, Ragnar Sass |