Fleet, an Ireland-based peer-to-peer car rental app, has successfully secured its initial €275,000 funding target on crowdsourcing investment platform, Spark Crowdfunding. Founded in 2016, Fleet App is now valued at €1.1 million. Prior to launching the funding round, the company teamed up with AXA Ireland and launched the first Irish car-sharing platform for local owners.
Users of Fleet may add their cars to the app, making them available for rental to other users, monetizing cars when they are not in use a new way to access transportation locally. Speaking about the funding round, Fleet App CEO Maurice Sheehy stated:
“The success of our crowdfunding campaign shows that people are buying in wholesale: you no longer need to own a car to use one. And for those that aren’t quite ready to ditch the car yet but are struggling to afford it: you can help pay down its running cost by renting it on Fleet. Over 80 investors have now backed us, showing that there is widespread support for our product in the business community in Ireland.”
Chris Burge, CEO of Spark Crowdfunding, also commented:
“The Fleet business model and technology is highly scalable and we know this is the type of business that appeals to investors. Fleet own their own platform and we believe the company is well positioned to benefit from strong market fundamentals in the growing sharing economy and peer-to-peer marketplace.”
Fleet is now set to close the funding round on September 15th.
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