AutomoBuzz :: Sharing Cars for Ride Sharing Gets a Chance


Manage episode 212721747 series 2093416
By Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio streamed directly from their servers.

It is said that most car owners only drive their vehicles 5-10% of the time, which means our cars are just sitting somewhere such as in a garage, a driveway, or a parking lot more than 90% of the time. Well one company believes there’s a market for putting those vehicles to use, and investors seem to agree.

The car-sharing start-up HyreCar announced in May they would be seeking to file an IPO for their company. Their goal was to sell up to 2 million shares at around $5 each, raising $9.4 million. This month, they beat expectations by more than $3M, selling more than 2.5M shares and raising $12.6M.

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