Car Next Door, an Australian ride sharing startup, has just raised $5 million from a Series B round from Caltex, Roger Allen, Investible, and Steve Baxter of Shark Tank.
Baxter backed the peer-to-peer car sharing platform with $300,000 in funding for a 4% stake when the startup appeared on the Shark Tank television show in 2015.
Founders Will Davies and Dave Trumbull pitched their idea on the show, as a way for Australians to offset the costs of owning a car by renting it out when they’re not using it.
The car sharing platform, launched in 2012 to connect car owners with trusted borrowers, also raised funds from sophisticated investors through crowd-sourced equity funding platform Equitise.
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