UK startup hiyacar has received a cash injection in a round led by Japan-based investor ITOCHU.
As a result of the deal with the Japanese corporate, Hiyacar will have the chance to work with repair company Kwik Fit, acquired by ITOCHU in 2011 for a staggering £637m.
The company’s co-founders told UKTN that “in the latest investment round, hiyacar had raised up to £5m”, bringing its total raised to date to more than £11m.
Hiyacar seeks to increase car utilisation through sharing, so that fewer cars sit idle.
Graeme Risby, co-founder of hiyacar, spoke about the fundraise: “This investment is a real game-changer for the future of mobility. Our shared vision is to increase access to cars across the UK, reduce car ownership and make better use of the resources we have, sharing neighbour to neighbour.
“In the longer term, this investment supports the UK government’s plan for supporting sustainable mobility solutions, making car access available to all through car sharing.”
It is estimated that the average car owner in the UK spends £4,500 a year on their vehicle.
Hiyacar members can make up to £150 per day renting their car to carefully vetted drivers, covered by AXA Insurance and AA Roadside Assistance.