gains further traction

September 16, 2015 18:10
Some car owners can earn as much as HK$10,000 a month by renting out their vehicles through the platform. Photo: may have been around for less than two years but it certainly has done a lot in convincing people of the benefits of sharing the available transport resources in society.

The online platform, which allows people to rent their cars to others when not in use, has attracted HK$4 million in fresh capital from an angel investor recently.

As business grows to a certain scale, the company is readying itself for series A round funding.

Founder Chris Yeung said new capital will be invested on system upgrade and more intensive promotional activities. He is also looking at the possibility of expanding the service to other cities.

On the operation side, the platform already boasts a solid user base of 15,000 car renters and 1,500 car owners.

Its partnership with BYD is also expanding. Soon, the mainland auto maker will provide 12 electric cars to The vehicles will be leased at HK$398 a day including insurance.

Yeung discovered the car sharing model when he was pursuing studies in Britain.

Given the population density and the lack of enough car parks in Hong Kong, Yeung was convinced there will be demand for vehicle sharing. With HK$100,000, he started in late 2013.

The way it works is rather straightforward.

A car owner lists his car on the platform with the offer price, availability and some photos of the vehicle. When there is a booking, a notification will be sent to the owner. Next is delivery of the car to the renter and finally the return of the car.

So far, the average age of renters is around 30-35, with men accounting for 80 percent. And the most popular model has been an orange Mini Cooper convertible with a license plate that reads "ANDY"

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EJ Insight writer