Car hire disrupter Ascendia Drive smashes Seedrs target with £300,940

Peer-to-peer car rental platform aims to be at the forefront of the growing global car sharing market

Ascendia Drive, a platform that matches car hirers to car owners, has closed a crowdfunding round on Seedrs with £300,940.

The company managed to raise 215% of its £140,000 target for 12.84% equity. The funding will be used to launch the product and help generate early growth, including investing in technology, sales and marketing and office equipment.

Founded by Graeme Risby and Rob Larmour, peer-to-peer rental platform Ascendia describes itself as the “Airbnb for motor vehicles”, and allows users to review and rent cars they could or would not usually buy.

With an average daily hire rate of £90-£110, the business takes 40% commission on every car hire transaction – the other 60% goes to the car owners, who are able to monetise their unused cars.

Risby commented: “As a car owner, I’ve always been frustrated with how cars sit on the drive and depreciate over time. The solution is Ascendia drive, which matches owners with car hirers, putting idle vehicles to use.”

 

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