Car Next Door wraps up capital raising with Steve Baxter on board
Written on the 6 February 2018 by Ben Hall
Peer-to-peer car sharing startup Car Next Door has just announced the close of its Series B raise with Caltex and Trevor Folsom's early-stage investment group, Investible, leading the round.
Car Next Door now has 1300 cars and 60,000 borrowers. It also saw a five-time growth trajectory across all key metrics since its last capital raise closed two years ago.
CarNextDoor.com.au is an online platform that allows car owners to effectively rent their cars out to users as a way of making money on the idle capacity of their vehicles to people who need them for ad hoc journeys.
Founded by Davies and Trumbull in 2012, the company hit the headlines in 2016 when they appeared on Shark Tank and convinced legendary investor Steve Baxter to make a $300,000 capital injection for just a 4 per cent stake in the business.
Business News Australia
Author: Ben Hall