Fleet – Smart car hire for everyone

Fleet is the only peer to peer vehicle rental platform operating on the entire island of Ireland! €275,000 for 20% equity.

Maurice Sheehy Technology July 30, 2018 at 4:33 pm
€384,550
Pledged of €275,000 goal
161
Investors
0
Days Left
  • Description
  • Updates
  • FAQ
  • Comments
  • Investors

Fleet is seeking €275,000 for 20% equity in the business – you can become a shareholder today!

Minimum investment of €100.

Invest now and you will receive 40% of your investment back in a tax rebate through the EII Scheme (see details attached) Enterprise Ireland has already committed to €150,000 to be invested in Fleet upon completion of this funding round. This means your investment will go even further as this money helps to grow the fleet business.

Please download the Pitch Deck below for more information:

Fleet Pitch Deck

Also please download our app using the following links:

iOS                         Android

Fleet is the first mover peer-to-peer car rental service in Ireland. Fleet allows users to earn extra income by renting out personal vehicles while also integrating enterprise clients into a fully-fledged car hire marketplace.

Users of the Fleet platform can put idle vehicles to use while tourists, business travellers, or people who simply need a car on short notice can access an extensive selection of vehicles anywhere, any time, at cheaper prices than traditional rentals.

All rentals come with on-demand insurance from AXA Ireland. The process is seamless; payments & verification take place in-app with no need for cumbersome paperwork.

In addition to it’s peer-to-peer service, Fleet offers a unique mobility as a service (MaaS) licensed application to orgs such as OEMs, motor groups, corporations and councils. This improves utilisation of vehicles, gives access to in-house, on demand vehicles at the tap of a button and “sweats the assets” of unused vehicle fleets.

Fleet has already secured two contracts for this service, one with a global OEM and another with a leading classified car sales website.

Fleet’s long term strategy is to execute a franchise-model international expansion, sourcing partners in regions with a strong Irish expat presence. Fleet will focus on core competencies without the need for capital expenditure to scale internationally as a single entity.

(Pre-Money Valuation – €1.1m)

FAQs

  1. Why should an investor invest in this company?

We are the first platform of its kind in Ireland, and we have unique enterprise applications (B2B) that set us apart from other P2P platforms elsewhere in Europe. Motoring, tech, and the sharing economy is an extremely fluid sector, with major automotive companies facing shocks from: the switchover to electric, the impending rise of autonomous vehicles, and a move from ownership to leasing and pay-as-you-go vehicle sharing models.

As such, a raft of vehicle OEMs, rental firms, and insurance companies are seeking to keep up with the pace of disruption by investing in or acquiring car-sharing apps and technology start-ups. Companies like Turo (acquired Croove carsharing in Germany following a funding round of $92m) , EuropCar (bought GoCar for an undisclosed sum), and Avis (acquired ZipCar for $500m in 2013) are seeking to maximise user acquisition in foreign markets or keep apace of technological change which threaten their business models.

  1. What risks does an investor face?

As with any start-up investment, risks are inherent and reflect the rewards. At Fleet we recommend any potential investor take the time to research our platform and/or use it for themselves to experience the full benefits of peer-to-peer car sharing from one of our Fleet owners.

  1. When could an investor expect to get his/her money back?

We estimate within 5-7 years. Seven years after 1,300 investors crowdfunded BrewDog, a small Scottish craft brewer, they received a 2,800% return on investment following the acquisition of a 23% stake in the company by a US equity firm.

  1. What is the most likely exit event for an investor – Trade Sale, IPO, etc?

As is increasingly frequent in this sector, the first and most likely exit event for our shareholders may come in the form of a larger competitor acquiring a stake or completing a buyout. Given the competition and our first-mover advantages, we expect Fleet’s operation to attract considerable interest from motoring and technology companies, including the traditional car rental sector.

  1. Does this company ever plan to pay dividends to shareholders?

Yes: in the long run. As Fleet is targeting rapid expansion and supercharged user acquisition, Fleet’s immediate turnover will be invested directly into our marketing and continued product development strategies. We estimate that the platform’s revenue will reach sufficient critical mass by year five to begin offering share dividends.

  1. How will Fleet use my investment funds?

This round of funding will be used for four purposes: 1) Growing our developer team, 2) Continued user acquisition via marketing & retargeting of existing users to increase transactions, 3) Working capital runway, 4) Costs associated with scaling Fleet to provide our B2B offering.

  1. What is Fleet’s business model?

Fleet charges a commission on each rental which accounts for 15% of the overall booking fee. The app’s marketplace also features custom built geo-located advertising, and a sponsored listings option for owners to “boost” their visibility. Finally, Fleet has identified multiple ancillary revenue streams which include: app licencing (white label versions of our app for other vendors), and the gathering of priceless aggregate automotive data.

45 thoughts on “Fleet – Smart car hire for everyone

    1. Maurice Sheehy

      Hi Arun,

      Thanks for your interest. This is a great question.

      The ZipCar shared mobility model is a substitute service for the one we offer at Fleet rather than a direct competitor. ZipCar offer a membership to users who may then rent ZipCar vehicles for hours or days at a time as needed.

      The ZipCar vehicles are entirely owned and maintained by ZipCar and located at strategic locations for users, mainly in densely populated urban areas. There is also a company called GoCar in Dublin who offer this model of vehicle sharing and they are doing a great job.

      We feel that Fleet’s model has several key advantages to the ZipCar / GoCar model from an investment perspective.

      Fleet is a two-sided market platform, basically connecting the “supply” of unused cars with the “demand” of users who need cars at short notice.

      The potential supply of vehicles available to the Fleet platform is enormous as the average vehicle is unused for over 90% of the week. The supply of vehicles to the ZipCar / GoCar model is limited by the amount of capital available to invest in their fleet.

      The demand available to both services is similar, however again we feel that Fleet is better positioned to service the demand, as Fleet vehicles are located all over the country and not simply limited to the dense urban areas. We will also be introducing hourly rentals in the coming year to provide shorter rental options than our current minimum one-day rental duration.

      At Fleet we also benefit from a cost advantage as we are not required to absorb the up front cost of purchasing the vehicles, or the ongoing cost of maintaining and upgrading the vehicle fleet. Our one-of-a-kind insurance policy with AXA Ireland also means that we pay zero annual insurance fees for the cars on the Fleet platform, while all vehicles on ZipCar / GoCar must be insured annually.

      The last competitive advantage we feel we have over this model is the potential and speed of scale we can achieve as a purely SAAS (software as a service) business. As we grow and users word of mouth continues to create a larger and larger community we are seeing the number of users and vehicles grow at a faster pace without any increase in spending. This scale can continue exponentially and internationally as we refine and improve the software and secure strategic partnerships in the markets we intend to enter in the upcoming year.

      Hopefully this is a comprehensive answer, if you have any other questions let me know.

      Reply
  1. Liam

    Looks really nice. How many customers are active monthly? What is the monthly revenue, and projected annual run rate?

    Reply
      1. Maurice Sheehy

        Hi Liam,

        Could you send me your email address please and I can send you more detailed figures and projections.

        Kind regards,
        Maurice

        Reply
    1. Maurice Sheehy

      Hi Liam,

      Could you send me your email address please and I can send you more detailed figures and projections.

      Kind regards,
      Maurice

      Reply
  2. Tom

    Hi – what’s the rationale for raising via a crowdfunding site rather than through the Angel / VC route? For this size investment it’s potentially cleaner and gives access to networks which would be useful for a business with your ambitions.

    Reply
    1. Maurice Sheehy

      Hi Tom,

      Thanks for your question, this is something we considered carefully before making the decision to commit to the crowdfunding route for this round.

      We decided that crowdfunding was preferrable for us at this point as it creates a large crowd of ambassadors for the Fleet business who will work to ensure that their investment grows by promoting it to their networks. The publicity created during the crowdfunding process is also very valuable as it attracts new customers and increases brand awareness for the platform.

      This does not mean that we are disregarding VC firms entirely and in fact we are already in early stage discussions with a number of VCs about our Series A raise which we will execute in 12 to 18 months.

      Best,
      Maurice

      Reply
  3. A

    Hi – how are the investors paid out dividends/ how are returns on the investments paid to shareholders? Are they paid back on to the credit card, or how? Thanks

    Reply
    1. Maurice Sheehy

      Hi,

      Thanks for your question. As an early stage start-up focused primarily on growth, Fleet will re-invest any profits into the business for the foreseeable future.

      Investors will see their return on investment upon an acquisition by another company or upon reaching IPO.

      A notable example of a successful crowdfunding investment return is BrewDog: Seven years after 1,300 investors crowdfunded BrewDog, a small Scottish craft brewer, they received a 2,800% return on investment following the acquisition of a 23% stake in the company by a US equity firm.

      Kind regards,
      Maurice

      Reply
  4. Steven

    Hi, I am waiting for the business plan, financials and current revenue. Could you email me please.

    Also waiting for an answer on these

    Confirmation as to how the Axa insurance deal works. How much is that per year? Is it a fixed price that includes unlimited cars or do you pay more if you can get a burst of growth etc.

    Confirmation as to who developed the app? Was it internal or external. If it was external what company developed it? Do you own all rights and IP.

    Confirmation in regards to EI HPSU. Have you been signed off by the EI Investment Committee and have the matched funding ready to go or do you have to raise this money via crowdfunding then apply to the investment committee for matched funding eg which could takes 3 months etc to be released.

    Reply
    1. Maurice Sheehy

      Hi Steven,

      Could you confirm your email for me please? I sent the above to the only request we had from a Steven on August 8th.

      The AXA insurance policy is the only one of it’s kind on the island of Ireland and we have an exclusivity clause with AXA on this policy. The renter of the vehicle is charged a daily fee for the insurance included in the price paid when renting a car, so Fleet does not actually pay any money for insurance. This allows Fleet to scale exponentially with no addition insurance cost.

      The app was developed externally by Showoff App Development here in Wicklow. We have a great working relationship with them and their close proximity to our office is very helpful. We are bringing tech in-house gradually over the upcoming year. We retain all IP of the platform.

      We are fully confirmed by Enterprise Ireland for match funding, we have been approved for the committee and will receive the funds as soon as we draw down the tranche from the crowdfunding.

      Kind regards,
      Maurice

      Reply
  5. Jim

    Hi, could you email me on financials to date and projection’s please? Also have you investigated how a clients car insurer (not AXA) will look at an accident on their insureds car? I would imagine it would still have to be disclosed to the insurance company even though AXA maybe paying it in the end.

    Reply
    1. Maurice Sheehy

      Hi Jim,

      That is no problem can I have your email address please.

      I am not privy to that information however all related insurance contingencies have been investigated and planned for by AXA.

      Kind regards,
      Maurice

      Reply
    1. Maurice Sheehy

      Hi Mark,

      I have replied to your questions via email if you require more information please do not hesitate to get in touch.

      Regards,
      Maurice

      Reply
    1. Maurice Sheehy

      Hi Marin,

      I have replied to your questions via email if you have anymore questions please do not hesitate to get in touch.

      Regards,
      Maurice

      Reply
    1. Maurice Sheehy

      Hi Sean,

      I have replied to your questions via email if you have anymore questions please do not hesitate to get in touch.

      Regards,
      Maurice

      Reply
  6. Istvan

    How much does the insurance cost per day for a driver who rents a car through the app please? If it depends on age, car, etc. can you please give a specific example? Thanks!

    Reply
  7. Michael

    Hi

    Please email the financials sent to other querists. Could you also name a couple of other companies who operate a similar service abroad, especially ones who might have had a trade sale, IPO or further funding round where the multiples of the seed round are visible. Finally, based on your current projections and assuming the successful current €550k fundraising, when do you anticipate another fundraising round.

    Thanks

    Reply
    1. Maurice Sheehy

      Hi Michael,

      Could I have your email address please for the financials.

      Several companies within the European market have recently been acquired most notably Croove which was a Daimler venture was included in a $92m investment round led by Daimler; BuzzCar was acquired by Drivy for an undisclosed amount. Multiples of seed investments are not visible unfortunately. Turo and Drivy are the highest funded P2P car rental platforms to date with $187.4m and $43.3m raised.

      We aim to execute a Series A round in 12 – 18 months following the successful roll-out of our licensed product to a number of enterprise clients and the expansion of our P2P user base within Ireland to 100,000 users. Our Series A round will be raised for an entry into the UK market (we are already in talks to cement the necessary insurance for the UK market ahead of our Series A) and also to expand our enterprise licensed product internationally.

      Hope this answer is sufficient, please let me know if you need any further info.

      Kind regards,
      Maurice

      Reply
  8. Alan

    Hi Maurice,

    Enjoyed the talk in cartrawler tonight. Looking to support your campaign. Could you please forward some financials and projections to alan.oregan87@gmail.com. It would be great if you could give me an indication of where you see the platform in 3 – 5 years ie whitelabled platform, B2B or B2C etc.
    Thanks.

    Reply
    1. Maurice Sheehy

      Hi Alan,

      Thanks for coming along to the event last night. I’ll send all of the information over to you now.

      Regards,
      Maurice

      Reply
  9. Anna

    Hi Maurice,

    Likewise I enjoyed the talk in cartrawler last night. Looking to support your campaign. Could you please forward some financials and projections to annakirwan@gmail.com. I am ready to invest but similarly, it would be great if you could give an indication of where you see the platform in 3 – 5 years ie whitelabled platform, B2B or B2C etc.
    Thanks.

    Reply
  10. Gerard

    Hi,

    Could you please send me some figures on current active customers, YOY projections and financial income and outgoings to date, please?
    Also, how much does the insurance cost per day for a driver who rents a car through the app? Does it depends on age of driver, car, etc. Is this influenced by the volume of renters and if so is is likely to change significantly if the user base grows in the future?

    Thanks,
    Gerard

    Reply
    1. Maurice Sheehy

      Hi Gerard,

      I’ve replied to your email address if you have any other questions please don’t hesitate to ask.

      Cheers,
      Maurice

      Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Please login to view campaign details

In order to view the full details of this campaign, please log into your account by clicking here.

If you are not yet a registered member of Spark Crowdfunding, please click here to join. It takes less than 3 minutes to register as a new member.