Airbnb for Cars Hiya Car Returns to Seedrs

Hiya Car, which is formerly known as Ascendia Drive, launched a crowdfunding initiative on Seedrs to raise £100,000. The company previously secured £349,470 on the equity portal last summer.

Hiya CarAs previously reported, the company is described as a platform that matches car hirers to car owners, turning idle cars into income generating assets. It revealed:

“HiyaCar is a peer to peer car rental platform which will allow users to own their driving experience, without owning the car. The platform will allow drivers to find, review and rent cars they could or would not usually buy. It also allows owners to list and let out their cars, which may otherwise be sat on a driveway, costing money but not seeing much use. Now car owners can generate additional income on every hire.”

Hiya Car revealed that it aims to disrupt the $60bn global car hire industry, which in the UK consisted of 10 million car hires last year. Its platform notably provides access over ownership and brings environmental and macro economic benefit as part of the wider sharing economy.

Recently, founder of Hiya Car, Graeme Risby, shared details about the company’s recent success:

Graeme Risby and Rob Larmour“Created and secured a first of it’s kind insurance policy in the UK with Axa UK to underwriting our bespoke peer-to-peer car hire policy. Secured the AA as our roadside assistance partners.  Managed to raise investment in just 5 days via Seedrs with 244 people investing a total of £300,940. Participated in the government’s review into the sharing economy and HiyaCar are active members of Sharing Economy UK and About 90% of our way to changing the tax laws within the UK by creating a tax allowance for people when sharing their car.”

He also admitted there are some changes:

Hiya Car 3“Insurance! This was a huge barrier to entry and with the help of AON (global insurance broker,) 12 months of hard work and lots of persistence, we managed to secure our policy with Axa.  Our policy covers both car owners and car hirers and supersedes the car owner’s personal policy when hiring out their car.”

Since its launch, Hiya Car’s latest campaign has raised nearly £40,000. It is set to close in June.

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