HiyaCar is the Airbnb for motor vehicles with all insurance barriers overcome.
HiyaCar is a person to person car sharing platform for car hire between people. It aims to turn the millions of private cars sitting idle on drives and streets into a virtual fleet of cars for hire. This gives hirers more choice, convenience and value for money, whilst car owners are able to turn their car into a second source of income that could even pay for the cost of the car. HiyaCar aims to disrupt the $60bn global car hire industry, which in the UK consisted of 10 million car hires last year.
The HiyaCar platform promotes access over ownership and brings environmental and macro economic benefit as part of the wider sharing economy. This resulted in tax breaks being granted by UK tax authorities, allowing vehicle owners £1,000 of tax free income.
As this is a pre-emption campaign available only to existing investors, limited information is being provided about the company at this time. Additional documents are available upon request under the Documents section, which provide further context for this raise.
Please note, Itochu, the lead investor in this round, will receive Preference Shares which have the right to 1x non-participating preference in the event of a sale, winding up or other distribution. This means that they have a right to receive the higher of:
- 1x their initial investment first (in preference to other shareholders, with remaining proceeds then distributed pro rata amongst ordinary shareholders); or
- their pro rata share of proceeds, alongside all ordinary shareholders.