Karshare raises £3m in pre-Series A funding to scale its peer-to-peer car-sharing platform across the UK
The funding round saw participation from existing backers alongside a significant investment from Nigel Wray.
Karshare operates a peer-to-peer car-sharing platform that connects vehicle owners with local drivers via keyless technology. The community-focused service aims to reduce total vehicle numbers on British roads.
Karshare has secured £3m in pre-Series A funding to support its expansion across the United Kingdom. The round featured participation from existing backers Fullbrook Thorpe and Adjuvo Syndicate, alongside new investor Nigel Wray.
The capital will be directed towards launching services in new urban centres and rural communities, alongside recruitment efforts to expand the team. The company applies keyless technology to enable on-demand vehicle rentals between local residents.
Following initial launches in several British cities, the platform has experienced sustained growth in transactions and user numbers. The latest injection of capital allows the business to scale its operations further while advancing its technology infrastructure.
From the founder
"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."
Andy Hibbert
Founder at Karshare
Investor perspective
"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."
Andrew Borkowski
CEO, Fullbrook Thorpe
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets