Karshare, a London, UK-based provider of a community car-sharing app, raised £3m in Pre-Series A funding.
Backers included existing investors Fullbrook Thorpe, Adjuvo Syndicate, and Saracens Football Rugby Club owner Nigel Wray, as well as other angel investors.
The company intends to use the funds to expand:
- in existing locations such as Bristol, Manchester, Coventry and London and launch in Birmingham, Leeds, Edinburgh and other rural communities such as Strathaven and Talybont, and
- hire talent for its team.
Led by Andy Hibbert, Founder, Karshare provides an on-demand peer-to-peer car sharing platform which enables people to rent their car to others within their community. Its keyless technology means all cars are instantly available. Renters can book 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.