Fleet's licensed platform allows motor dealers to provide customers with in-app car hire & subscriptions.
|Sectors||Automotive & Transport Digital Mixed B2B/B2C|
|Incorporation date||20 Jul 2016|
- 20,000+ active app users
- Insurance partnership secured with AXA
- Contract secured with Toyota
- Contract secured with Dublin City Council
Only 4% of all vehicles are in use at any one time - meaning 96% are sitting idle.
Fleet's licensed application is a major step towards fundamental industry change - by repurposing idle vehicles on motor forecourts & adding new revenues to traditional sales.
Having begun as a peer-to-peer "AirBnb for cars" platform, Fleet identified this hugely promising pivot to create industry-disrupting software for motor dealers.
A 2019 McKinsey & Co report validates this vision, finding Motor Dealers will need "drastic business model changes" into mobility services to stay afloat.
Fleet's apps allow dealers to offer short-term (daily) car hire and long-term (monthly) car subscriptions - without the headache of taking on massive insurance premiums or making seismic changes to their existing business model.
We've joined forces with some of the biggest names in motoring to develop the software, perfect the product, and launched our 1st licensed app Toyota Daily Rental™ in 2019.
Dealers have no up-front CapEx and can easily rotate vehicles between sales and hire; ensuring maximum utilisation & access to an entirely new customer base.
The full hire process happens within the app, from licence verification to a bespoke vehicle survey to keep parties protected.
Fleet's dealership network can provide vehicles to almost any location in Ireland, within a 50km radius.
Users grab a car from a single day to a multi-year car subscription, with insurance, maintenance & fees rolled into a single price + the option to have the car delivered to your door.
This unique distribution gives us nationwide scale in a mobility and rental market usually confined to airport hubs and densely populated areas.
Substantial accomplishments to date
🛡️ Secured an on-demand insurance policy partnership with AXA Ireland
🌱 €210,000 in private investment
💎Launched the Irish "Airbnb for cars", Fleet App, built with next-generation technology on Android, iOS, and Web - allowing private individuals to rent out their car to earn back money while it isn't being used.
💡 Identified huge untapped opportunity to provide motor dealers with licensed software to allow short-term (daily) car hire and long-term (monthly) car subscriptions.
📱 Built our B2B stack: developed capability to rapidly build and deploy bespoke apps for automotive giants and dealer networks alike.
💰 €466,000 in the initial Irish crowdfunding round.
🚘 Over 20,000 users in our peer-to-peer Fleet App
🚗 Launched Toyota Daily Rental (https://toyotadaily.rentals) in partnership with Toyota to 46 Toyota Dealers in Ireland.
🤝 Landed contracts with three major motoring companies
Fleet charges an annual license fee of £499 per dealership as well as a 10% commission on all transactions passing through the software.
Fixed Recurring Revenue (License Fees):
Annual license fee = £499 per dealership.
Exponential Growth Revenue (Rental Commission):
10% commission on all rental transactions.
Use of proceeds
This funding will fuel the next round of expansion and market capture as we seek to bring our mobility platform to markets beyond the UK and Ireland.
Following our last crowdfunding round, we expanded our software development team and focused on product development, laying the foundation for an incredibly successfully 2019 in which we struck partnerships with two major OEMs and lined up partnerships with dealer networks in Ireland, the UK, and Australia.
Funds raised in this round will help grow our software and product team. We aim to make key data science hires which will help further monetise the data passing through our platform.
As we move into a new stage of international expansion, the investment will support our business development activities across Europe and beyond.
The company currently has 2 classes of shares, convertible preference shares, and ordinary shares. All investors in this round, including Seedrs investors, will be receiving ordinary shares.
The rights attached to the share classes are as follows:
Convertible preference shares:
Full voting rights
Accumulating preferred dividend of 8% per annum
1x non-participating preference on liquidation: the preferred shareholder will first receive their initial investment amount plus the accrued dividend before the remaining proceeds are distributed between all other shareholders pro-rata.
Redemption rights: on or after the 5th anniversary of issuance, the preferred shareholder will be able to request that the company redeem the shares for the initial investment amount plus accrued dividends.
Conversion on IPO or qualifying investment: on an IPO or "qualifying investment" (determined solely by the shareholder), the preferred shareholder will have the right to convert the preferred shares into ordinary shares at a discount of between 15% to 55% depending on the time when the IPO or investment takes place (First Conversion Event)
Second Conversion: After the First Conversion Event, if the preferred shareholder holds any further shares, there is a second chance for the shareholder to convert on the next qualifying investment round (determined solely by the preferred shareholder) at no discount.
General ability to convert: on or after the date which is one month before the 5th anniversary of issuance, the preferred shareholder has the right to convert the convertible preference shares into ordinary shares at a discount of 55% of the "market value" of the company's share at that time.
Redemption on an asset or share sale: the Company must redeem the convertible preference shares prior to any share sale or immediately after any asset sale for the initial investment paid on the Convertible Shares plus any accrued dividend plus a premium equal to the lesser of (i) initial investment paid on the Convertible Shares or (ii) an amount equal to 10% of the entire issued voting capital of the Company as at the date of such share sale or asset sale.
• Full voting rights
• No preference, conversion or redemption rights