Car Next Door Secures $2million Hyundai Partnership
Shark Tank deal winners, Car Next Door, have clocked up another win. Car Next Door has secured a partnership and investment with Hyundai worth $2 million.
Car Next Door is a peer-to-peer car sharing platform. It enables car owners to rent their vehicles when not in use. The partnership will see Australian Hyundais leaving the dealership ‘share ready’. Car Next Door members earn $2,400 a year on average. Not a bad return for a new car owner.
In Season 2 of Shark Tank Australia, co-founders Will and Dave secured a deal from Shark Steve Baxter.
At the time they presented a valuation of $7.6 million and were seeking a $300,000 investment from the sharks. Steve took them up on their offer taking 4% equity in the business. Since then Steve has been proactively involved in the investment.
For Steve, Car Next Door ticked all the boxes:
A scalable technical solution to an under-utilisation problem.
Traction in the market with promising turnover and interest from investors.
Exceptional founders, Will Davies and Dave Trumbull.
Will and Dave are aiming to have a fleet of 10,000 vehicles nationwide by 2020. The Hyundai partnership is a great step towards this.
Transition Level Investments are proud to have Car Next Door as part of our portfolio and we look forward to seeing what Will and Dave come up with next!