Saracens owner Nigel Wray leads £ 3million fundraiser in UK car Airbnb, Karshare

According to various experts, collaborative consumption as a crucial socio-economic model in the sharing economy is growing rapidly globally.

As a result, on-demand carsharing services have become increasingly popular in recent years. With cars idling for 96% of their lifespan, carsharing represents the most modern version of car ownership, allowing car owners to share their cars with neighbors who need a car. in a pinch.

Many traditional car manufacturers have also started to develop and market their carsharing systems, such as Car2go from Daimler, DriveNow from BMW and Mu from Peugeot. More and more professional car-sharing networks like Uber, Zipcar, Turo, and others are emerging.

Raise £ 3million

London-based Karshare recently made headlines as she secured a £ 3million pre-series A round. In this round, Nigel Wray, owner of Saracens Football Rugby Club, invested with existing investors – Fullbrook Thorpe, Adjuvo Syndicate and other angel investors.

How will the funding be used?

The company will use the funding to support expansion into new cities like Birmingham, Leeds and Edinburgh, further developing the team to include more community managers, marketing expertise and fleet technicians.

Karshare also plans to grow its engineering team to advance and differentiate technology for the benefit of its rapidly growing community.

P2P on-demand carsharing platform

Founded in 2020, Karshare allows people to rent their cars to others within their community.

Renters can book immediately through the app and access the vehicle directly, without needing to agree on a time and date to collect the keys from the owner.

Cars are also fully serviced and include breakdown coverage. The platform allows car owners to increase their household income up to £ 550 per month, like Airbnb.

The growth of Karshare

According to the company’s claims, the platform reported a 45% increase in MoM revenue growth and 70% growth in membership on a month-to-month basis.

Since its launch, the company has built a team of 32 people and has been launched in Bristol, Manchester, Coventry and London.

The company aims to continue working with its long-term partner, London Gatwick Airport, to resume carpooling services at the airport as travel volumes return to pre-Covid levels.

Andy Hibbert, Founder of Karshare, said: “We’re in the perfect position to make this easier – quickly, easily, affordably and with great guarantees for car owners and renters. Over the past 18 months, lives have changed dramatically, whether financially, socially or professionally; a lot of people don’t intend to go back to exactly what they were before. And with that comes a question about owning a car and the associated costs.

He adds, “Our vision for the future is where there are far fewer vehicles on our roads, and the vehicles we have are shared to allow multiple users to access the trips they need. Essentially, move away from ownership towards the users. The sustainability benefits are huge. For each shared car, up to 24 cars can be taken off the road. Carsharing will play a key role in the transition to net-zero which will require 50% fewer cars on UK roads and as we move more to electric vehicles these benefits will continue to grow. ”

Andrew Borkowski, CEO of Fullbrook Thorpe, said: “We have supported Andy and the Karshare team since May 2019 and share their passion for reinventing the rental car industry. It is a sector ripe for innovation, sustainable development initiatives and new technologies, all of which are vital aspects of the peer-to-peer model. This latest round of funding will allow Karshare to grow its team, further develop the service and expand its presence across the UK.

Comments are closed.