RideLink (previously known as DriveJoy), an online community where car owners can safely rent their cars directly to drivers, has attracted nearly 500 investors through its equity crowdfunding campaign on Seedrs. Originally seeking £1 million, the investors have raised £1,148,206 through the funding round.
RideLink, which was launched with an investment from Rocket Internet in 2015, considers itself the Airbnb of automobiles. The company’s services now allow individual car owners to rent their vehicles directly to others when they are not using them. RideLink’s services are currently available in the UK, Germany, and Spain. Here’s how RideLink works:
- For Drivers: List their car, set the dates and times they aren’t using it and then rent it out to other people in the community helping them to offset the costs of car ownership. Each car owner is also protected by the same Allianz comprehensive insurance policy.
- For Renters: Choose from thousands of cars around them to hire all while being covered by a comprehensive Allianz insurance policy designed for P2P car rental.
The company revealed:
“We believe that our growth has been driven by the great value we offer to both owners and renters. Our aim is to give owners access to an easy way to earn money during times when their car would otherwise be sitting parked, and to give renters a fantastic selection of great vehicles, conveniently located near their home or work. Best of all, each rental is fully insured, and includes roadside assistance, giving both owners and renters peace of mind.”
In regards to where the funds are going, RideLink added:
“Since we launched with investment from Rocket Internet in 2015, and thanks to the tremendous support of our community, we’ve grown quickly in the UK and have now expanded to Spain and Germany as well, with a clear path to future expansion. We’ve come to Seedrs to give our community a way to directly share in our success, and continue to support the future of mobility.”
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