Karshare

Idea

Introduction

The move to net zero will require 50% less cars on our roads. Car sharing will play a key role in achieving this.

Like an Airbnb for cars, Karshare connects renters with owners, giving those with cars the opportunity to earn extra income while those in need of a car can rent from their local community.

With an estimated 10 million cars parked at airports each year and 38 million vehicles parked on our streets, Karshare will unlock this huge potential fleet of vehicles - one that is unused 96% of the time - through community car sharing.

We have an extensive partner ecosystem providing owners and renters with world leading assurances and protection.

Our unique platform features telematics and keyless tech. Like Fitbit, we generate a score to help our community drive safely. Our app makes it possible for cars to be booked instantly and unlocked using facial recognition.

With a TrustScore of 4.9/5 and 852 reviews, we stand at the forefront of a new economy that puts community and our planet first.

Substantial accomplishments to date

May ‘17: Seed funding - £645,000. Investors include Founders Factory, co-founded by Brent Hoberman

Dec ‘17: Launched what was, based on market research, the UK’s first airport car sharing service, Car & Away, in partnership with Gatwick Airport.

Key partners - Allianz Insurance, OCTO Telematics, Rentalcars.com, RAC.

Mar ‘18: Car & Away is featured on BBC One Show.
Dec ‘18: Engage with 2 new UK airports.
May ‘19: £3.5m funding. Investors include David Scowsill (Advisory board Airbnb).
Aug ‘19: Estimated 1 in 50 parking customers choose Car & Away at Gatwick.

Sep ‘19: Car & Away launches at Bristol Airport.
BBC and Bristol Post among those to cover launch.

Nov ‘19: Engage with +15 EU airports.
Dec ‘19: 2nd anniversary of Gatwick, +145% growth in bookings.
Mar ‘20: Covid outbreak – Airport operations suspended.
Mar ‘20: Car & Away rebrands as Karshare.

Karshare launches a community scheme in a lockdown-inspired pivot. Car owners donate their cars for free to help mobilise front line workers.

Times, Huff Post, BBC and Evening Standard cover launch.
May ‘20: Partnership with ALD Automotive, global leader in car leasing.
Jul ‘20: 684 vehicles pledged across 5 UK cities incl. Bristol.
Aug ‘20: +9,200 free rental days arranged for key workers.

Sep ‘20: Karshare expands in Bristol. Launches keyless community car sharing service and becomes the first (based on market research) community car sharing provider in Europe to offer 100% of cars instantly bookable using keyless technology.

Oct ‘20: 70 car owners sign up for keyless solutions.
Dec ‘20: Target aim resumption of Gatwick service.

Monetisation strategy

We will only make money if we make it easy and convenient to share, and communities trust us to enable this.

Our Trust Pilot score (4.9/5) demonstrates our commitment to nurturing and servicing our sharing community. We work every day to retain this.

We make money from each rental. At home, Karshare retains a 25% commission of the car price to support our platform and service capability. Owners retain 70%. (5% VAT).

Unlike traditional car clubs, we don’t own vehicles or pay for parking spaces.

It’s common that the largest marginal cost is insurance. Karshare uses telematics and as a result we have one of the best in class insurance covers globally vs our peers.

With insurance costs low, more of the rental price goes to support higher earnings for owners and Karshare.

Karshare is best placed to nurture, grow and ultimately scale the leading community car sharing platform across the UK and beyond.

We have also recently launched the pioneering Lease and Share agreement with a leading lease company to drive further referral income.

Use of proceeds

We believe a community car sharing scheme should be centred around individuals, not fleet operators. Vehicles shared by real people means money from rentals is retained within the community, producing social and economic value.

With the funds raised, we aim to:

Expand keyless car-sharing to +4 cities.
Grow our keyless owner fleet to 2,250 cars.
Deliver >21,000 rental bookings Y/E Mar ‘22.
Relaunch airport sharing starting with Gatwick ‘Dec 20.
Generate ARR to support Series A investment discussions by Sep 21.

In addition, the funds will be used to:

Build new features incl. ratings, In-App messaging and upgrades to our driver telematics, creating incentives for our community to drive with care.

Expand our product, design and delivery team to enable faster app design and development.

Expand our on-the-ground community teams to support each city launch and develop our grassroots community growth.

Engage with and expand revenue-generating streams and partnerships.

Scale our marketing to grow acquisition and the Karshare community.

*based on market research