Jump to:

Fleet hero image

Fleet

Follow

Fleet's licensed platform allows motor dealers to provide customers with in-app car hire & subscriptions.

143%
 - 
Funded 18 Feb 2020
£300,001 target
£433,928 from 278 investors
More
Less

Business overview

Location Wicklow, Ireland
Social media
Website jointhefleet.com
Sectors Automotive & Transport Digital Mixed B2B/B2C
Company number 586289
Incorporation date 20 Jul 2016
More
Less

Investment summary

Type Equity
Valuation (pre-money) £3.1M
Equity offered 12.27%
Tax relief

EIS

More
Less

Business highlights

  • 20,000+ active app users
  • Insurance partnership secured with AXA
  • Contract secured with Toyota
  • Contract secured with Dublin City Council
More
Less

Key features

  • Secondary Market
  • Nominee investment min. £11.06 +

Idea

Introduction

Only 4% of all vehicles are in use at any one time - meaning 96% are sitting idle.

Fleet's licensed application is a major step towards fundamental industry change - by repurposing idle vehicles on motor forecourts & adding new revenues to traditional sales.

Having begun as a peer-to-peer "AirBnb for cars" platform, Fleet identified this hugely promising pivot to create industry-disrupting software for motor dealers.

A 2019 McKinsey & Co report validates this vision, finding Motor Dealers will need "drastic business model changes" into mobility services to stay afloat.

Fleet's apps allow dealers to offer short-term (daily) car hire and long-term (monthly) car subscriptions - without the headache of taking on massive insurance premiums or making seismic changes to their existing business model.

We've joined forces with some of the biggest names in motoring to develop the software, perfect the product, and launched our 1st licensed app Toyota Daily Rental™ in 2019.

Intended impact

Dealers have no up-front CapEx and can easily rotate vehicles between sales and hire; ensuring maximum utilisation & access to an entirely new customer base.

The full hire process happens within the app, from licence verification to a bespoke vehicle survey to keep parties protected.

Fleet's dealership network can provide vehicles to almost any location in Ireland, within a 50km radius.

Users grab a car from a single day to a multi-year car subscription, with insurance, maintenance & fees rolled into a single price + the option to have the car delivered to your door.

This unique distribution gives us nationwide scale in a mobility and rental market usually confined to airport hubs and densely populated areas.

Substantial accomplishments to date

2017

🛡️ Secured an on-demand insurance policy partnership with AXA Ireland

🌱 €210,000 in private investment

💎Launched the Irish "Airbnb for cars", Fleet App, built with next-generation technology on Android, iOS, and Web - allowing private individuals to rent out their car to earn back money while it isn't being used.

2018

💡 Identified huge untapped opportunity to provide motor dealers with licensed software to allow short-term (daily) car hire and long-term (monthly) car subscriptions.

📱 Built our B2B stack: developed capability to rapidly build and deploy bespoke apps for automotive giants and dealer networks alike.

💰 €466,000 in the initial Irish crowdfunding round.

2019

🚘 Over 20,000 users in our peer-to-peer Fleet App

🚗 Launched Toyota Daily Rental (https://toyotadaily.rentals) in partnership with Toyota to 46 Toyota Dealers in Ireland.

🤝 Landed contracts with three major motoring companies

Monetisation strategy

Fleet charges an annual license fee of £499 per dealership as well as a 10% commission on all transactions passing through the software.

Fixed Recurring Revenue (License Fees):
Annual license fee = £499 per dealership.

Exponential Growth Revenue (Rental Commission):
10% commission on all rental transactions.

Use of proceeds

This funding will fuel the next round of expansion and market capture as we seek to bring our mobility platform to markets beyond the UK and Ireland.

Following our last crowdfunding round, we expanded our software development team and focused on product development, laying the foundation for an incredibly successfully 2019 in which we struck partnerships with two major OEMs and lined up partnerships with dealer networks in Ireland, the UK, and Australia.

TEAM

Funds raised in this round will help grow our software and product team. We aim to make key data science hires which will help further monetise the data passing through our platform.

As we move into a new stage of international expansion, the investment will support our business development activities across Europe and beyond.

Key Information

The company currently has 2 classes of shares, convertible preference shares, and ordinary shares. All investors in this round, including Seedrs investors, will be receiving ordinary shares.

The rights attached to the share classes are as follows:

Convertible preference shares:

Full voting rights

Accumulating preferred dividend of 8% per annum
1x non-participating preference on liquidation: the preferred shareholder will first receive their initial investment amount plus the accrued dividend before the remaining proceeds are distributed between all other shareholders pro-rata.

Redemption rights: on or after the 5th anniversary of issuance, the preferred shareholder will be able to request that the company redeem the shares for the initial investment amount plus accrued dividends.

Conversion on IPO or qualifying investment: on an IPO or "qualifying investment" (determined solely by the shareholder), the preferred shareholder will have the right to convert the preferred shares into ordinary shares at a discount of between 15% to 55% depending on the time when the IPO or investment takes place (First Conversion Event)

Second Conversion: After the First Conversion Event, if the preferred shareholder holds any further shares, there is a second chance for the shareholder to convert on the next qualifying investment round (determined solely by the preferred shareholder) at no discount.
General ability to convert: on or after the date which is one month before the 5th anniversary of issuance, the preferred shareholder has the right to convert the convertible preference shares into ordinary shares at a discount of 55% of the "market value" of the company's share at that time.

Redemption on an asset or share sale: the Company must redeem the convertible preference shares prior to any share sale or immediately after any asset sale for the initial investment paid on the Convertible Shares plus any accrued dividend plus a premium equal to the lesser of (i) initial investment paid on the Convertible Shares or (ii) an amount equal to 10% of the entire issued voting capital of the Company as at the date of such share sale or asset sale.

Ordinary Shares:

• Full voting rights
• No preference, conversion or redemption rights

Open an account to get access to the team members of Fleet

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Fleet has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 11 November 2019 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £3,087,873

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

Find out more

Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

Find out more

Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

Find out more

Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

Warning

You are following a link outside of europe.republic.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

ContinueCancel