STEARCLEAR, a Paramus, NJ-based developer of a new GPS-enabled designated driver service for smartphones, raised its $500k first funding.
Backers included Accelerant Capital Partners and its founders.
The company intends to use the funding for product development and franchise opportunities, which are available across North America, EMEA, Australia and South Africa.
Started in November 2011 by CEO Craig Sher, Ken Schwartz and CFO Harjinder Sidhu, STEARCLEAR is dedicated to providing “last mile” services to consumers and businesses using smartphone applications and sophisticated GPS technology. Its flagship driver service provides customers with access to local driver teams that pick them up and get them and their car home safely and responsibly.
The company is currently beta testing its services.