Australian Carsharing Service Raises $1.8M

To help with its expansion, Sydney-based carsharing startup Car Next Door is raising between $1.2 and $1.8 million in funding, according to a report by the Daily Telegraph.

Car Next Door also hopes to create an airport-based peer-to-peer carsharing service and finish building its proprietary software platform, says the report. The airport-based carsharing service would be similar to FlightCar and RelayRides in the U.S.

Will Davies, Car Next Door’s chief executive, told the Daily Telegraph that the funding could help the carsharing service add approximately 1,000 more cars.

"We plan to use these funds to move beyond Sydney and Melbourne and reach other major urban centers around the country, and we plan to get to 10,000 cars being shared by 180,000 borrowers by 2020," Davies told the Daily Telegraph.

To be eligible for Car Next Door, a vehicle must be a 2005 or newer, located in Sydney or Melbourne and available for carsharing at least 70% of the time between Monday and Thursday and 70% of the time between Friday and Sunday, according to the report.

Click here for the full Daily Telegraph report: http://www.dailytelegraph.com.au/business/breaking-news/peer-to-peer-car-sharing-start-up-raising-18m/story-fnn9c0gv-1227461607573