Planet42, a South Africa-based car subscription company that buys used cars from dealerships and rents to customers via a subscription model, has raised 30 million dollars of which 6 million dollars in equity and 24 million dollars in debt financing. The money will be used for expanding into new markets across South Africa as well as in Mexico.
The equity round was led by Naspers, a South Africa-based global fund. Existing investors include Change Ventures, the lead investor from Planet42’s seed round, as well as Startup Wise Guys, Martin and Markus Villig of Bolt, and Ragnar Sass of Pipedrive, Tanel Padar, USA loan fund Lendable and other investors.
Hedman assisted the client with the negotiations of the investment documents, composing the documents required as conditions precedents and the actions needed to complete the financing round.
From Hedman, the client was advised by senior associate Kati Pino and assisted by junior associate Anastasia Miller.