CarCloud, which claims to be on a mission to achieve the lowest possible monthly car costs for the United Kingdom’s 33.5 million drivers, has secured 115% of its £325,000 target from 119 investors (at the time of writing) via Seedrs with 16 days left in the firm’s securities offering.
Located in London, CarCloud operates in the Automotive & Transport sectors (Digital Mixed B2B/B2C).
Incorporated in June of 2018, CarCloud has shared the following investment summary: Type – Equity; Valuation (pre-money) of £6.3M; Equity offered: 5.60%; Share price of £0.39; Tax relief; EIS.
Business Highlights shared by the firm:
- 90k+ & 110k+ drivers joined their market test phase
- 2k+ app reviews with average score of 4.75 stars
- Secured revenue generating contracts: Experian & MSM
- Customer acquisition partnership: Reach Media
Key features are: Secondary Market; Seedrs nominee min. £20.28 +; Direct investment min. £25,000.00 +.
As noted in the update shared by CarCloud, car ownership is the 2nd “largest household spend after mortgages.”
Imagine the time & money you could save “by having a car industry expert by your side.” That’s CarCloud.
The firm added that making informed decisions is game-changing.
Their services reportedly include the following: critical date reminders, document storage, monthly running cost estimates, finance tracking, equity forecasting, insurance renewals, mid-term & end-of-term finance.
CarCloud further explains that it “digitizes vehicle lifecycle management, optimizing the cost of car ownership.”
Business Model
CarCloud makes money when its customers save time and money.
3 initial revenue channels:
- Car insurance commission.
- Car finance commission.
- Premium account subscription revenues.
CarCloud’s growth model is said to be “built to scale rapidly without expensive direct-to-consumer speculative marketing costs.”
Through a revenue sharing model with multiple businesses who need problem solving content for their digital audiences, CarCloud is aiming to “access the widest car owning demographic, pressing home our first-mover advantage.”
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