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Discover Australia’s leading peer-to-peer car-sharing platform backed by Hyundai & Suncorp
- Published November 21, 2019 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Car Next Door is Australia’s leading peer-to-peer car-sharing marketplace operating in Sydney, Melbourne, Brisbane, the Gold Coast, Perth, Canberra and Newcastle. Car Next Door has over 150,000 approved members, over 3,000 listed vehicles, and is projecting to generate c.$17m in marketplace revenue in 2019, after having doubled each year for the past 3 years.
In September 2019, Car Next Door secured a $6.2m investment from Hyundai Motor Company followed by a $1.5m investment from ASX Top 20 listed Suncorp at a $55 million pre-money valuation. An allocation of $1m is now available at the same valuation in order to finalise the round. Additionally, $1.8m has been raised earlier in 2019 from existing investors.
Car Next Door has been a pioneer in shaping Australia’s changing mobility landscape since 2013 – disrupting the ‘one person one car’ mentality and traditional car ownership by allowing people to conveniently rent neighbours’ cars for as little as an hour at a time.
Capital raised will be used to accelerate the growth of its domestic footprint through customer acquisition and product development to further establish its #1 market position, as well as investing in its targeted expansion across the broader Asia Pacific region.
Car Next Door Investment Highlights
- Car Next Door is a rapidly growing peer-to-peer car-sharing marketplace, facilitating over 15,000 bookings every month on its platform.
- First to market in Australia in 2013, Car Next Door has grown to become one of the top 5 peer-to-peer car sharing players globally. The top 2 players (Turo and Getaround) have both raised recently at >$1B valuations.
- The platform generated over $10m in marketplace revenue in the 2018 calendar year and is on track to reach $17m in 2019.
- Strategic partnerships with shareholders Hyundai Motor Company, Suncorp and Caltex are bringing innovative developments in technology and operations.
- Car Next Door has successfully raised capital through Series A and B rounds and has a clear path to significant profitability.
Car Next Door is currently finalising a Series C round of A$8.7m, of which $7.7M has already been subscribed to by Hyundai Motor Company and Suncorp. Register your interest now to participate in this investment opportunity.
About Car Next Door
From a pilot operating in a few Sydney suburbs in 2013, Car Next Door has grown to a powerful peer-to-peer car-sharing marketplace operating in five cities, with over 115,000 approved members sharing over 2,000 cars and Marketplace revenue of more than $10 million a year growing at 100% year on year since 2015.
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