Whitecar Raises Investment
Funds to allow opening of new outlets
Whitecar can announce with no small amount of excitement that a recent funding round is now complete. £1.29m of fresh capital has been raised to facilitate the growth of operations.
Whitecar is the new electric only car rental brand with the largest fleet of white Tesla vehicles available to hire across the UK.
Mark Strachan, founder and CEO of Whitecar, comments:
“We have plans to expand our rental model of ‘one car, one colour and one price’ across European airports and to become the undisputed market leader in electric vehicle rental by 2022”
“Whitecar is arranging an event for its 500 plus new shareholders in February 2018 in London. Details will be issued to shareholders soon.”
Whitecar exists to make hiring a car simpler than owning one.
Traditional car hire businesses are bureaucratic, cost-heavy and slow to adopt new technology.
Whitecar provides only 100% electric, emission free, white Tesla cars, delivered to the customer at one all-inclusive price.
With no paperwork or keys, operations will soon be powered by wholly owned Whitecar smartphone technology which will streamline the customer experience.
Whitecar began trading in July 2016 at Heathrow airport and now has additional owned outlets at Gatwick, Manchester and Edinburgh airports. Through Whitecar Share, the company also rents out Tesla cars belonging to private owners, allowing them to generate extra revenue when their cars are not in use.
£1.29m of fresh equity capital was raised at a pre-money valuation of £5.85m from two sources: £893,000 from a successful Crowdcube campaign – the campaign was 137% overfunded – and £400,000 from Regency Mines PLC, a company quoted on AIM at the London Stock Exchange.
Regency Mines invested £200,000 at the end of December 2017 and will invest a further £200,000 in February 2018. Regency Mines have an option to invest an additional £250,000 at a 50% premium by October 2018. Whitecar is delighted to welcome Scott Kaintz, COO of Regency Mines, to join the Whitecar board.
Whitecar is a lean, ambitious company and with strong financial backing it is perfectly positioned to expand.
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