iCarsClub parks USD482,000 for car sharing

iCarsClub parks USD482,000 for car sharing

iCarsClub, a service that allows users to rent out their car for hourly rates, has raised USD482,000 from Red Dot Ventures. The Singapore-based firm doesn’t take ownership of the car, instead installing a piece of hardware that allows those renting it to unlock the car using a phone app. Launched publically in December, iCarsClub claims to have attracted 3,000 users and 300 cars. The company says it will use the funding to expand into the Chinese market and has set its self the target of attracting 5,000 members and 1,000 in both China and Singapore by the end of 2013.

Amount (USD) Target Investor(s) Region Categories
$482k
completed