Karshare surpasses £1m funding target

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</span><p>Car sharing platform Karshare has achieved its £1m funding target through its equity crowdfunding campaign.</p><span>
</span><p>Karshare&nbsp;said it has over 435 investors to date and has achieved the&nbsp;total standing over £1.3 million, with the campaign not due to close until mid-January.</p><span>
</span><p>Launched in 2020, the business enables people to rent out their car to people in their community using keyless technology.</p><span>
</span><p>Andy Hibbert, founder at Karshare, said: “After an incredibly turbulent year, it’s fantastic to start 2021 off by smashing our fundraising target and see our investors come together to make car sharing possible.</p><span>
</span><p>“The funds will be used to expand into new UK cities, invest in the Karshare platform and technology as well as further grow the team.”</p><span>
</span><p>With people working from home due to the COVID-19 coronavirus pandemic and no longer doing the daily commute to work, the idea of renting out their car has become more appealing to car owners, said Karshare.</p><span>
</span><p>A survey of 1,000 people conducted by Karshare revealed that four out of ten (39%) consumers said they have seen their household income decrease due to the Coronavirus pandemic.</p><span>
</span><p>In addition, over half (61%) said their monthly car finance agreement repayment is one of their biggest financial concerns and four out of ten (39%) said they lose sleep worrying about how to pay their fixed monthly outgoings most or all the time.</p><span>
</span><p>Hibbert said: “The idea that so many families and individuals are paying for and maintaining at least one vehicle, if not more, and those cars on average sit unused 96% of the time is a huge waste of resources – both in terms of consumer personal finance but also environmental impact.”</p><span>
</span><p>Car sharing will also play a key part in the Government’s plan to achieve net zero carbon emissions by 2050, said Karshare.</p><span>
</span><p>In October last year, Karshare announced the launch of Lease and Share, to enable consumers who take a car out on finance and rent them out to others nearby.</p><span>

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