German car subscription firm Finn has raised 100 million euros ($109 million) to accelerate its shift towards a fully electric fleet, in a funding round that valued the group at more than $600 million, it said on Thursday.

The round was led by London-based Planet First Partners, a private equity firm focused on sustainable investments, Finn said.

The Munich-based company said it will use the capital raised to focus on EVs and plans to more than double the share of low-emission vehicles in its fleet to more than 80% by 2028.

Last year Finn reported annual recurring revenue of 160 million euros, with more than 25,000 active subscriptions.

The company offers 30 different car brands to customers on a subscription basis and expanded its operations to the U.S. east coast in 2022.

($1 = 0.9147 euros) (Reporting by Nick Carey; Editing by Jan Harvey)