PrivCo Logo

Peer-to-Peer Car Rentals 🚙

Peer-to-Peer Car Rentals 🚙
August 4, 2021

The Daily Stack is a daily private market insights newsletter by PrivCo, a private company intelligence platform. Read our previous insights.
If you have friends who would enjoy reading this newsletter, please forward this email to them.

My weekend of travel included staying in a 4-bedroom mansion in the Hill Country of Texas, renting a pontoon boat (including engaging in a short boating tutorial from a bunch of teenage boys), and rental two 8-seater cars from two strangers who didn’t need their cars that weekend. Of course, the transactions in all of these cases were handled by intermediaries: VRBO for the housing, Liquid Thrillz for the boating, and, for the cars, Turo enabling the relatively seamless car lending experience in an increasingly dire car rental market.

     

Supply-and-demand = innovation

According to recent data from the US Bureau of Labor Statistics, car rental in June was 88% more expensive than in the previous year. To blame were supply shortcomings, caused by the global chip shortage’s impact on the manufacturing of new vehicles, paired with spiking demand for post-COVID vacationing.

The impact of skipping airport car rental lines might be here to stay. Funding and revenue from several private companies align with this consumer’s opinion. Turo, formerly known as RelayRides, has been offering up other people’s rides since 2009, at the outset of the “Airbnb of X” startup landscape. 

Another favorite among renters is Getaround, founded the same year. The company recently faced scrutiny with the D.C. Attorney General for operating without a license & apparently violating consumer protection laws after the theft of cars were listed on its site. The start-up paid $950K to settle with the AG and pay restitution to the vehicle owners.

Kyte soft-launched in 2020, nimbly seeking to meet the new challenges of pandemic renters wanting to flee the city and avoid the lines. They deal directly with car rental companies to deliver vehicles to a renter’s address, making the ease & affability of car rental companies a bit more digestible to the new consumer. The company raised a $9MM seed round in January.

Rental Entrepreneurship

Bikes are fair game as well. Spinlister enables vacation-destination locals to become their own bike rental entrepreneurs. Both Turo & Getaround market themselves as business opportunities for car owners, highlighting car listers who’ve scaled up to a 50 vehicle fleet, and prominently featuring the average earnings of a car lister as over $10k a month.


Interested in more private rental companies? Search the keyword "rental" in our advanced search.
PepsiCo shifts to health

The company offloads a majority of its juice brands for $3.3BN to develop its own health concepts. 
[Reuters]

Find your vaccine card
In an effort to fight the Delta variant, NYC will require proof of one dose for indoor dining, gyms, and other venues starting Sept. 13.
[
NYTimes]
Since last week, PrivCo has added:

1120 Companies | 134 Funding Activities | 76 M&A Deals

Funding & Deal Highlights:
 

goPuff raises $1BN from Adage Capital Management & others

Grocery Delivery • Round H • Philadelphia, PA
 

Bolt raises $713MM from Sequoia Capital

Ride-Sharing • Round E • Tallinn, Estonia 
 

Unacademy raises $3.44BN from Temasek

E-Learning • Round H • Bangalore, India
 

Rakuten Medical raises $166MM from General Catalyst Partners 

Biotechnology • Round D • San Mateo, CA
 

DoNotPay raises $10MM from A16Z

Legal • Round B • San Francisco, CA
 

MoEngage raises $32.5MM from Multiples Alternate Asset Management

CRM • Equity • San Francisco, CA
 

Amplify Life Insurance raises $2.5MM from Anthemis Group

Insurtech • Seed • San Francisco, CA
 

Trading.TV raises $6.1MM from Activant Capital Group

Streaming • Seed • New York, NY
 

Footlocker acquires Warehouse Shoe Sale for $1.1BN

Footwear • Acquisition • Cerritos, CA

 

Forward to a Friend Forward to a Friend
Not a subscriber yet? Sign up here!
Have an interesting topic you want us to include. Let us know!
Website
Twitter
LinkedIn
Copyright © 2021 PrivCo Media, LLC. All Rights Reserved.
Unsubscribe | PrivCo.com | Contact Us
PrivCo Logo

Company

HomeSign inContactPricing