On-demand peer-to-peer car sharing network Car Next Door is opening up its latest capital raise to users of the platform, raising up to $1.5 million through crowd-sourced equity funding platform Equitise.
The move has been a long-term plan of Car Next Door co-founder and chief executive Will Davies, who said unlocking equity for its members would help drive more enthusiasm and engagement with the start-up.
"Since we started our users have been really keen and passionate about what we're doing and keen to invest and get involved," he said.
"It's a good way to get them more engaged and it will help with retention and word-of-mouth."
Car Next Door, which lets users find a car in their neighbourhood to hire from a minimum of $25 per day, was founded in 2013 and now has 50,000 users and 1300 cars listed on the platform.
It will raise a minimum of $500,000 from sophisticated investors using Equitise, as part of a $4-5 million Series B round.
The company has already raised $2.3 million of its latest round from existing investors such as Caltex and Trevor Folsom's Investible, which have doubled down.
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