Carbar, an auto subscription platform from Australia, recently fund raised $16.8 million primarily Australia's biggest insurance company, IAG.
Founded in 2016, Carbar is Australia’s first car subscription platform, catering to customers seeking alternative modes of vehicle ownership. The deal saw IAG taking a majority stake in the company.
According to a statement, Carbar plans to use the capital raised to expand its vehicle subscription model while supporting the growth of its online car trading platform. Going forward, the company plans to expand its services to new cities across Australia. In June, it forayed into Sydney.
The deal enables IAG to focus on emerging mobility trends that are guided by rising demand for flexible car subscription services.
The deal will see both IAG and Carbar collaborate on marketing, technical support, and distribution opportunities to cater to customers’ mobility needs. IAG’s executive general manager of innovation James Orchard said: ‘Carbar has pioneered the car subscription model in Australia.
We look forward to combining its world-class digital capabilities with IAG’s assets and scale to provide new mobility experiences for customers today and in the future.” Des Hang, CEO and co-founder of Carbar said that the automotive industry is reaching an inflection point with massive changes towards car ownership happening across Australia and globally.
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