iMove Secures $22.3M Series A Funding for Electric Car Subscription

The Rise of Car Subscription Services

A growing trend of “subscribe to your car” services has emerged in recent years. Companies like Fleks in the U.K., Cazoo (following its acquisition of Drover), and Care by Volvo Hertz are leading the way.

Introducing imove: A White-Label Platform

imove, a Norwegian startup, has entered this market with a unique approach. They offer a white-label platform, enabling businesses to launch their own branded car subscription services.

This platform provides access to a diverse range of electric vehicles, currently featuring models from 18 manufacturers and exceeding 50 different options.

Series A Funding

imove recently secured €19 million (approximately $22.3 million) in a Series A funding round. The investment was spearheaded by AutoScout24, a prominent pan-European online car marketplace.

Additional investors included VCs Norselab and Idekapital, alongside Nysnø, the Norwegian state's climate investment firm. Existing investor Hedin Automotive also participated in the round.

The funding comprises a €13 million equity issue and a €6 million secondary sale of shares.

How imove Works

Established in 2018, imove empowers companies across various sectors – automotive, finance, insurance, electricity, and telecommunications – to offer car subscriptions.

This provides an alternative to traditional car ownership and leasing models.

Industry Predictions and Leadership

The imove team, led by co-founders Hans Kristian Aas (CEO) and Gunnar Birkenfeldt (CPO), is capitalizing on a significant industry shift.

Estimates suggest that car subscriptions could account for 20-30% of global new car sales by 2025.

Statements from Leadership

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

Borja Muller, chief strategy officer at AutoScout24, commented: “With this investment, AutoScout24 clearly positions itself at the forefront of supporting new ownership models for consumers and customers, and makes a decisive step in supporting the EV introduction.”