Car Next Door, an Australian-based car-sharing company, recently fund raised $6.2 million from the auto maker Hyundai. The company intends to use these new funds in order to grow and continue to disrupt traditional portions of the industry.
Founded by Dave Trumbull and Will Davies in 2012, Car Next Door was one of the original sharing economy platforms in Australia, allowing drivers to lend their vehicles to neighbours who need a one-off set of wheels.
Now, it has about 150,000 borrowers on the platform, and about 3,000 cars in Sydney, Melbourne, Brisbane, Canberra, Perth and the Gold Coast.
As of the end of 2018, it was seeing 100% revenue growth, year-on-year, pretty much since it was founded, Davies tells StartupSmart.
And that translated to marketplace revenues of about $15 million per year, he adds.
This latest funding follows another recent raise of $1.8 million, from existing investors. But the co-founders aren’t done yet — they’re hoping to close another $2 million raise within the next couple of months, bringing the total funding this year to $10 million.
Car Next Door is “starting to hit some significant scale”, Davies says.
Over the past few years, the startup has also grown from 10 or 15 people to 35 in Australia and 40 in the Philippines.
“With that comes all the constant growing pains,” he adds.
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