Airbnb for cars
We are a car sharing company based in Singapore that is disrupting the mobility market for trips greater than 1 hour. We do that by building a connected car ecosystem which brings people who value flexible & affordable access to cars together with people who own cars & are willing to rent.
This solves the problem for people that need a car sometimes but are left a with a few expensive options like owning a car, renting one or taking multiple uber rides. The solution lies in making better use of all the cars that are idle most of the time.
For renter the benefits are convenience, flexibility and affordability - large variety of cars always nearby can be accessed using your phone anytime of the day. It is 30-40% cheaper than anywhere else. We launched our platform in Singapore in Jun'19. and partnered with LTA to demonstrate positive impact of our model on mobility and congestion.
We launched a couple of features like keyless access, mobile app, instant bookings, hourly rentals and are now running at US$2M revenue. Since our seed round 12 months back, we have grown 10x. We have grown in a very efficient way, generating $2.5 for every dollar invested. We are still growing rapidly at 30% MoM.
The second pillar of growth - car subscriptions - is ready as is our next wave of growth outside of Singapore with the launch in Australia: drive-mate.com.au.