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Karshare, the community car-sharing platform, has hit its £1million fundraising target through its equity crowdfunding campaign on Seedrs and is now overfunding.

With over 435 investors to date and the current total standing over £1.3 million, the campaign is not due to close until mid-January.

Launched in 2020, Karshare enables people to rent out their car to others within their community – fully insured and covered for breakdown, using keyless technology. Dubbed ‘the Airbnb for cars’, it offers car owners the opportunity to increase their household income by up to £550 per month. With hundreds of thousands of people now working from home during the pandemic, and no longer doing the daily office commute, the idea of renting out their car has become even more appealing to many car owners.

In a survey of 1,000 people, Karshare revealed that four out of ten (39%) consumers said they have seen their household income decrease because of the pandemic. In addition, well over half (61%) said their monthly car finance agreement repayment is one of their biggest financial concerns and four out of ten (39%) lose sleep worrying about how to pay their fixed monthly outgoings most or all of the time.

Aside from the financial benefits for many thousands of consumers, car sharing will play a key role in the Government’s plan for the UK to achieve net zero carbon emissions by 2050. As part of this aim, there needs to be 50% less cars on UK roads. With an estimated 38 million vehicles parked on our streets, Karshare will unlock this huge potential fleet of vehicles through community car sharing.

Andy Hibbert, founder at Karshare, said: “After an incredibly turbulent year, it’s fantastic to start 2021 off by smashing our fundraising target and see our investors come together to make car sharing possible. The funds will be used to expand into new UK cities, invest in the Karshare platform and technology as well as further grow the team.

“The idea that so many families and individuals are paying for and maintaining at least one vehicle, if not more, and those cars on average sit unused 96% of the time is a huge waste of resources – both in terms of consumer personal finance but also environmental impact.”

In October this year, Karshare announced the launch of Lease and Share – an industry-first move that enables consumers who take a car out on finance and rent them out to others nearby. Traditionally, car finance agreements contain sub-hire clauses which prohibit sharing; Lease and Share is the first car finance agreement available in the UK that enables the agreement holder to hire out their vehicles to vetted drivers in their communities.

To find out more about the Karshare investment opportunity visit:https://www.seedrs.com/karshare/sections/idea