Participated · Series B · Feb 2018

Car Next Door operates Australia’s largest peer-to-peer car sharing platform, enabling car owners to rent out their vehicles within their neighbourhoods. Insurance is central to the product: the platform provides coverage when cars are rented and Suncorp will support members when cars need repairs. The company reports over 3,000 cars already shared through its platform and says it is pursuing rapid growth. Car Next Door plans to work with Suncorp to develop new mobility insurance solutions and run joint promotional activity. The current funding round targets $10 million, with a $1.5 million strategic investment from Suncorp and up to $1 million to be raised via Equitise crowdfunding. Management expects Suncorp’s customers and insurance expertise to help expand membership and drive broader adoption. Car Next Door operates a peer-to-peer vehicle-sharing marketplace that lets owners list their cars for hourly or daily rental through its platform. It runs in Sydney, Melbourne, Brisbane, the Gold Coast, Canberra and Perth and reports 150,000 members and roughly 3,000 cars listed. The company says it has paid $16 million to vehicle owners and offers rates from $5/hour or $25/day plus 21–45 cents per km. CEO and co-founder Will Davies says the service leverages the 96% of the time the average Australian car sits idle. The latest investment will fund an Australia-wide expansion of its subscription service. Car manufacturers are collaborating with the startup — Hyundai is making vehicles rental-ready via an Auto Link app that enables keyless sharing and can be retrofitted to existing cars. Car Next Door operates a peer-to-peer car-sharing network that enables vehicle owners to list cars for rent and receive payouts. The service integrates with Hyundai’s Auto Link app so renters can access vehicles without keys. Hyundai is working with the startup to create “sharing ready” cars, with Auto Link fitted to the i30 and Kona and planned for the Santa Fe and IONIQ models. The company has pursued strategic partnerships with Caltex, trialling pump advertising and parking Car Next Door vehicles at service stations. Car Next Door reports 60,000 members and has paid out $5 million to vehicle owners. The business recently raised additional capital as part of its ongoing expansion and integration efforts. Car Next Door operates a peer-to-peer car sharing platform that lets private owners list vehicles for short-term rental to borrowers. The company reports 1,300 cars on the platform and 60,000 borrowers, and recently hit a record 2,000 bookings in one week. Founded in 2012, the startup has footholds in Sydney, Melbourne and Brisbane, launched on the Gold Coast in December, and plans to expand into Canberra, Adelaide and Perth within six months. With the new capital the company is focused on continuing growth and improving its systems. Strategic investor Caltex has worked with the startup on marketing trials and vehicle depots at service stations. CEO Will Davies has expressed interest in expanding retail crowdfunding to enable more users to invest.