Planet42

Planet42, formerly known as CarGet, is a vehicle rental company offering rent-to-buy car service for private clients.

Planet42 buys used cars from dealerships and rents to customers via a subscription model.

Planet42 was founded in 2017 in Estonia, by Eerik Oja and Marten Orgna. The company is headquartered in Johannesburg, South Africa, with offices in Tallinn, Estonia and Mexico City, Mexico.

 

Planet42 has created the car subscription model to cater to private individuals ignored by South African banks when they need vehicle financing. The company claims to use proprietary scoring algorithms superior to traditional credit scores in assessing risk in underbanked customer segments.

 

Planet42 buys the car and rents it out to the customer on a subscription basis. The company has over 700 dealerships. And with its algorithms, customers can find out what budget suits them and choose new or pre-owned cars from Planet42’s dealerships network.

 

Planet42 has listed more than 7,000 cars to customers in South Africa. The company claims that of all the customers served so far, 89% would have had no other means of gaining access to a personal vehicle.

 

Planet42 is backed by Lendable, Naspers Foundry, Change Ventures, Martin Villig co-founder of Bolt, Startup Wise Guys, and others. The company raised $30M in equity and debt financing on Dec 21, 2021. This brings Planet42's total funding to $50.2M to date.

 

 

  • Year founded: 2017
  • Funding Info: $50.2M over 6 Rounds (Latest Funding Type: Debt Financing)
  • Yearly Revenue: NA
  • Employee Size: 51-200
  • Business Valuation: NA
  • City/Town: Johannesburg
  • State: Johannesburg
  • Country: South Africa
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