Planet42 is a company that provides car subscription services in South Africa. They buy cars from dealerships and rent them to customers on a subscription basis, with an option for customers to buy out the car over time.

Planet42

We're making car ownership accessible for all people in South Africa and Mexico.

Many banks don't offer finance, even to qualified professionals with steady jobs. But we do.

Getting a car can change someone's life, so we have made it our mission to provide life-changing, easy access to mobility for individuals in emerging markets through our rent-to-buy subscription model, with an option to buy outright at any point.

Standard Bank

Rivonia Road Capital

Lendable

Change Ventures

Startup Wise Guys

Kristjan Vilosius

Marko Virkebau

Martin Villig

Ragnar Sass

Naspers Foundry

Markus Villig

ARS Holdings

Standard Bank Group

In South Africa, access to reliable transport is essential to many aspects of daily life; however, the costs associated with car ownership can be too steep for a large number of the country’s population. This is why we saw fit to partner with Planet42, a mobility startup that offers rent-to-buy car subscriptions in South Africa and Mexico.
 
Our investment consists of R50 million in equity and a R250 million credit facility, a testament to our commitment to partnering with high-growth businesses that are solving complex problems in South Africa.

Read more here - https://lnkd.in/dXZqn24r
 
Eerik Oja Nimalan Reddy, CFA Werner Mennen Nicky Tindall Debora Bekker

Big News! We're thrilled to announce that Planet42 has secured a R300 million investment from Standard Bank Group, marking a significant stride in our mission to combat transport inequality in South Africa.

This investment not only solidifies our commitment to making personal vehicles accessible to more South Africans, but also amplifies our ability to foster financial inclusion and economic empowerment.

A huge thank you to Standard Bank for their trust and support. Together, we're driving towards a future where everyone can access safe, reliable, and inclusive transportation options.

Dive into the full story covered by Loni Prinsloo (Lotz) in Bloomberg: https://lnkd.in/eF6VmY2a

We are so proud of the knowledge our CEO and Co-founder, Eerik Oja, shared at Latitude59 in Kenya earlier this month!

In a fireside chat with Wowzi's Mike Otieno, Eerik spilled the beans on some exclusive behind-the-scenes stuff (including the secret to Planet42's $150 million funding success and more! 🔥)

We thought we'd share the love and give you an overview here 👇  

🍦 Eerik shared the inside scoop on raising capital and the highs and lows of Planet42's funding journey.

💸  The pair chatted about reshaping the African VC game on fair terms and real opportunities! Let's call out VCs demanding 60% for peanuts.

🌍 The topic of mismatched investment approaches was unpacked. In Europe, VCs focus on businesses with a narrow scope that slot into established verticals - optimizing a small part of a well-established ecosystem. In contrast, African startups, like Planet42, create both the marketplace and supply system themselves. It's time to sync up and unlock the true potential of African startups!

🗣 We heard about the importance of taking a deeper dive into African challenges - Eerik urged investors to ditch the simplistic mindset; Africa's challenges need a nuanced approach.

🚧 Planet42's journey was not without its battle with red tape. This fireside chat included grappling with government regulations, especially in South Africa, from Central Bank hurdles to regulatory mazes.

A huge thank you to Latitude59 and Mike Otieno for such an interesting conversation! 🚀

It's our mission to provide access to life-changing mobility to as many South Africans as possible.
👉 Here's why access to mobility matters for South Africa's growth:

1️⃣ Opportunity: Mobility opens doors to education, jobs, and entrepreneurship. By connecting people to essential resources, we unlock a world of possibilities for individuals and communities.

2️⃣ Inclusion: Accessible transportation ensures that no one is left behind, fostering social cohesion and a sense of belonging.

3️⃣ Health: Reliable mobility enables access to healthcare services and promotes well-being, particularly in remote areas.

4️⃣ Environment: Embracing sustainable transportation solutions reduces emissions and protects our planet. Let's drive toward a greener future for South Africa 🇿🇦

We are committed to making a positive impact. Our flexible vehicle solutions aim to bridge the mobility gap, empower individuals, and support economic development across the nation.

Join the journey here: planet42.com

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