Founded in 2017, Cluno offers cars for a monthly package price. The rate covers all costs except fuel: maintenance, wear and tear, seasonal tires, warranty, registration, vehicle tax, comprehensive insurance, and vehicle inspections. With this subscription approach, the Munich-based startup aims to create a flexible alternative to traditional car ownership. And the mobility company's success proves it: Not only has the Cluno team grown to over 100 employees in the past three years, Cluno has also successfully raised capital in several rounds. The investor base includes, among others, Paypal founder Peter Thiel, Acton Capital Partners and Atlantic LabsOverall, the Munich startup was able to Munich Startup Insights have so far raised almost 50 million euros.
The current acquisition is intended to strengthen the platform and financial strength of Cazoo with Cluno's subscription expertise and network in the automotive sector. Following the integration, Cazoo will launch its offering in Germany and Europe, offering customers the opportunity to purchase, finance, or subscribe to cars on the company's own platform. The subscription service is also scheduled to launch in the UK in the coming months. With the acquisition, Cluno will become Cazoo's European headquarters and form the basis for the British online car retailer's international growth strategy.
Challenge: Digital transformation of the car buying experience
Alex Chesterman, Founder and CEO of Cazoo, says about the current acquisition:
"Cluno has built a market-leading car subscription offering in Germany with thousands of loyal customers, and we are delighted to welcome Nico and his team to the Cazoo family. We will launch the full Cazoo offering in Europe later this year from our new European headquarters in Munich and look forward to offering our customers the opportunity to buy, finance, or subscribe to thousands of Cazoo cars."
And Nico Polleti, Co-Founder and CEO of Cluno, adds:
"I'm very proud of what we've created at Cluno, both in terms of the customer experience and the team. The vision and strategy Alex and his team have for Cazoo aligns perfectly with our goals. We look forward to joining forces and accelerating the digital transformation of the car buying experience across Europe."
