Karshare Announces £3m Pre-Series A For Expansion to New Cities Across the UK
● The community car-sharing app has seen an increase of 45 percent in rentals month on month across Bristol, Manchester, Coventry and London
● In addition to existing investors Fullbrook Thorpe, Adjuvo Syndicate, and other angels investors, Karshare was delighted to announce the participation of Nigel Wray, who made a significant investment
● The investment will support the company expanding in existing locations and launching in Birmingham, Leeds, Edinburgh and other rural communities such as Strathaven and Talybont
● Karshare is the first 100 percent on-demand peer-to-peer car sharing platform in Europe. Its vision is for more people to share cars locally to help drive the UK towards net zero. For every car shared, up to 24 can be taken off the road
● Karshare continues to work with long-term partner London Gatwick Airport to resume car sharing services at the airport as travel volumes return to Pre-Covid levels
LONDON, UK. 09 August 2021: Karshare, the community car-sharing app, has announced a £3million pre-series A round. In addition to existing strategic investors Fullbrook Thorpe, Adjuvo Syndicate and other angel investors Karshare is delighted to announce a significant investment by Saracens Football Rugby Club owner Nigel Wray.
“We are delighted to be backing Andy Hibbert and his team at Karshare. Perhaps particularly in today’s age this is logically and environmentally the way things are going. Airbnb started somewhere – and who thought that would be what it is today!”
Since launching earlier this year the company has rolled out to four cities in the UK and this investment will be used to support expansion to new cities and to hire talent for its rapidly growing team.
Karshare is the first fully on-demand, peer-to-peer car sharing platform in Europe. It enables people to rent their car to others within their community. Unlike other platforms, Karshare’s keyless technology means all cars are instantly available. Renters can book immediately via the app and access the vehicle straight away, with no need to arrange a time and date to collect keys from the owner. The cars are also fully insured through the service and include breakdown cover.
In just six months, Karshare has reported a 45 percent increase in revenue growth month-on-month and a 70 percent growth in members month-on-month. Since launch, the business has established a 32-strong team and launched in Bristol, Manchester, Coventry and London so far. This growth is largely down to the financial appeal of the platform for car owners and renters alike. It gives car owners the opportunity to increase their household income by up to £550 per month and renters the chance to hire a car more affordably, sustainably and conveniently than is possible via traditional car rental firms.
Andy Hibbert, Founder at Karshare, said:
“The opportunity to share cars is vast. There are 33 million privately owned cars and 1.5 million registered vans in the UK. On average, these vehicles sit idle 96 percent of the time. For the many hours they are sat outside people’s homes on streets and driveways, they could be hired out to vetted drivers in the local area, put to good use and generate income for the owners.
“We’re in the perfect position to facilitate this – quickly, easily ,affordably and with great assurances for car owners and renters alike. The past 18 months has seen lives change dramatically, whether impacted financially, socially or career-wise; a vast amount of people don’t plan to return to exactly how their lives were before. And with that comes a question around car ownership and the associated costs.
“Our vision for the future is one where there are far less vehicles on our roads, and the vehicles we do have are being shared to give multiple users access for the trips they need. Essentially moving away from ownership toward usership. The sustainability benefits are huge. For each car shared, up to 24 can be taken off the road. Car sharing will play a key role in the move to net zero which will require 50 percent less cars to be on UK roads and as we transition more to EVs these benefits will continue to grow.”
Andrew Borkowski, CEO at Fullbrook Thorpe, said:
“We have been supporting Andy and the Karshare team since May 2019 and share their passion about reinventing the car hire industry. It’s a sector which is ripe for innovation, sustainability initiatives and new technology – all of which are vital aspects of the peer-to-peer model. This latest round of funding will enable Karshare to grow its team, further develop the service and expand its footprint across the UK.”
Funds will be used to expand existing cities, launch new locations including Birmingham, Leeds and Edinburgh, further grow the team to include more community managers, marketing expertise and fleet technicians. Karshare also plans to grow its engineering team to advance and differentiate the technology for the benefit of its rapidly-growing community.
To find out more about Karshare visit: https://karshare.com/
Notes to Editors
● Karshare is a community car sharing company.
● Karshare is the latest innovation from Car & Away, the airport car sharing service at Bristol and Gatwick Airport which allows holidaymakers to rent out their car whilst on holiday.
● With a score of 4.8/5 Karshare is the highest rated peer to peer car sharing company and rated number four (out of 95) on Trustpilot) in the car rental category.
● With cars being idle for 96% of their lifespan, car sharing represents the most modern version of car ownership, allowing car owners to share their cars with their neighbours who need a car in a pinch. Renters in turn enjoy the access and freedom a car creates without the hassle of car ownership.
● More information about the company itself can be found at Karshare.com