Naspers Foundry co-led the $15 million equity round to Planet42

Ellex Partner Antti Perli and Counsel Rudy Rimal advised Naspers Foundry in its equity investment into Planet42, an Estonian founded and South Africa-based car subscription company in USD 15 million equity round.

The equity round welcomed participation from existing and new shareholders, including Rivonia Road Capital; the Los Angeles-based global alternative asset manager provided a $75 million credit facility. Planet42 also received $10 million in debt funding from private investors.

According to the company, the new financing, comprised of equity, credit facility and debt, will rapidly scale its business and provide a million cars globally to people excluded from traditional car financing.

Naspers Foundry also led Planet42’s previous round in late 2021.