Member Article

This 'Airbnb for automobiles' is closing in on its £1m crowdfunding target after just 24 hours

UK peer-to-peer car rental company RideLink has already reached nearly half of its £1m crowdfunding target on Seedrs just hours after launching, as the self-proclaimed Airbnb for automobiles looks to cement its position in the car sharing space.

In what is the first time the London-based business has opened up investment to the crowd, public investors have already ploughed 42% into the campaign at the time of publishing.

RideLink has said that crowdfunding has been identified as a key part of its fundraising ambitions and commercial strategy as it hopes to foster a ‘community’ of investors around the company who both use and own it.

To further bolster its ambitions, the car sharing firm, which puts users in touch with others looking to rent out their privately owned vehicles, has also revealed that to date it has received €4m investment from two unnamed institutional investors, both of whom have pledged to invest further alongside the crowdfunding round.

Since launching back in March 2015, RideLink has expanded into both the Spanish and German markets as the battle for dominance in the digitally-focused car sharing sector hots up.

With ever-increasing congestion and the ongoing political controversy surrounding London’s toxic air, car sharing has been identified by some as the solution to our chronic urban automotive challenges - particularly as society moves away from car ownership models to more flexible approaches.

In outlining his vision for the firm, Alexander Stevenson, RideLink Chief Executive Officer, said that much of the company’s focus had been on providing an affordable approach for users while still getting more cars off the road.

He commented: “We launched RideLink a year and a half ago with the mission to build a business that not only succeeded commercially, but also helped communities and the public, helping people get where they need to go affordably and without putting more cars on the road.

“Today we’re happy to give that public the opportunity to support and own part of that dream, helping us achieve our mission and build the future of transportation.”