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The Airbnb for cars

Shareit is unique in its approach of growing into a global peer-to-peer carsharing operator through offering revenue sharing and technical tools for cooperation. Early on we understood that we have to share our core business competencies and code in order to grow globally.

Shareit's Blox Car is a peer-to-peer carsharing digital marketplace which complements other forms of transport and offers the most cost-effective, easy and safe way to use cars without having to own one. Combined with Kimppa, our ride-sharing app, it is an uncontested form of cutting CO2 emissions and empowering the consumers to be part of the solution.
Privanet

Investor proposal

Compared to all other ways of using cars, Shareit's peer-to-peer carsharing solutions offer both the car-owners, users and investors the most unbeatable investment opportunity. No other service can deliver a cheaper, more environmentally friendly and easy way to save money and the environment. The best thing about it is that we, the private people, gain the most out of it. Invest now and get a slice of the Finnish 'Airbnb for cars'. Become part of the solution!

Product

The problem this product solves

Owning a car is expensive, wherever you live. Pollution is a big societal problem and transportation is a big part of this. The average occupancy rate of 1.1 people per ride is too low. By raising it to 2.2 people per ride it's possible to half the emissions without any cost of replacing existing cars.

How the product solves it

Blox Car is a peer-to-peer carsharing digital marketplace where you can rent a car from a local. One less car produced saves about 856 tons of CO2 emission since 30% of the emissions are created from the production and recycling of the materials used. The biggest benefits of the peer-to-peer business model is that it is operated without its own fleet harnessing existing resources. The benefits are financial, environmental and social.

Kimppa is a peer-to-peer ridesharing application enabling travellers to join rides in cars that are already on the road.

Product features

Main features in Blox Car: booking calendar, secure communication in-between users, insurances (w/ If) and cover against financial loss for car owners, roadside assistance, integrated payment solution.

Main features in Kimppa: system for requesting and creating rides, secure communication in-between users.

Product use cases

With an average of 2 full day rentals a month Blox Car makes it possible for car owners to cut on average 25% of the car ownership costs. Renters can get a car for 15% less cost than owning a car, even if you would drive as much as an average car owner.

Kimppa offers a ridesharing app with the possibility to offer, request and arrange rides.

Team

Paul Nyberg avatar
Paul Nyberg CEO
Founder of Blox Car and a serial entrepreneur with 25 years+ of experience in sharing economy and several exits 1999–2013. Managing the company structure, financing, management and internationalization.
Kaius Häggblom avatar
Kaius Häggblom CTO
Experienced coder specialising in identity management with 20 years+ of experience in technology architecture, development and management and having built ID06 and Tilaajavastuu handling millions of users.
Rafael Lehmann avatar
Rafael Lehmann CBDO
Co-founder with 8+ years of experience in customer service, analytics, design and directing fixes and branding. Main responsibilities are to work as a link between the tech and the rest of the team with a hands on approach on the UX and service design. Also following the daily analytics and ... See more
Co-founder with 8+ years of experience in customer service, analytics, design and directing fixes and branding. Main responsibilities are to work as a link between the tech and the rest of the team with a hands on approach on the UX and service design. Also following the daily analytics and keeping track on the growth of the business. See less
Santeri Petrell avatar
Santeri Petrell CMO
Co-founder with 8+ years of marketing and content, customer service and communications. Main responsibility is to produce marketing plans and marketing material and support the customer service from a commercial point of view. Also responsible for commercial cooperations and PR.
Janika Öhman avatar
Janika Öhman COO
12+ years of experience directing operations, customer service, content, insurance and language. Main responsibilities are securing the daily operations, managing contracts and recruitment. Also responsible for content together with the marketing and business development.

Market

Target Market

GLOBAL MARKET
1B cars (growing by over 79M/year)

SERVICEABLE MARKET
300M cars in the Nordics and EU (cars/capita)

POTENTIAL CARSHARING MARKET SIZE
75M cars (25% willing to share)

WHAT WE COULD REACH
Our potential fleet 10M (13% market share)

Blox Car is a digital marketplace that enables scaling without owning a fleet. The focus is on millennials and early adopters in urban and suburban areas. In addition to growth in the Finnish market the next markets are in the Nordics and the EU. Market launch started in Sweden with signing soft commitments with two dominant services in the peer-to-peer field.

Competitive landscape

We are the market leader in Finland in a new and developing market segment. Other carsharing and rental services are our competitors. Thus, we consider it imperative to cooperate with all carsharing, rental, leasing and fleet management companies. The toughest competition and market barriers come from the option of owning your own private passenger car and from taxation, and policy promoting the current private car ownership.

Unique differentiator from competitors

We are at the forefront of developing tools for the peer-to-peer car sharing marketplaces. Our main advantage for both car owners and users are easiness, safety and affordability. Our service package includes several groundbreaking insurances as well as risk management and trust products. We have received public recognition for these products at SLUSH 2018. We will further develop specific tools to make the customer experience smoother and the services safer.

Company revenue streams

The main income of all Shareit's services are commission based.

In Blox Car the commission is 30 % of the rental value. Additional upsale services include insurance, roadside assistance, marketing assistance, car service and maintenance services to make owning a peer-to-peer car more convenient.

Kimppa beta version is commission free and available for public. The live version will have a commission of approximately 2 cents/person/km regardless the length of the trip and the agreed cost.

Also future revenue streams will come from data sharing as well as trust-as-a-service and revenue sharing with contracting service providers.

Product/service distribution

Scalable online platform for carsharing, bloxcar.fi.

Online digital market places, e.g. tori.fi and nettivuokraus.fi, providing the users an option for car sharing or renting instead of selling.


Within 6 months of securing finance:

- Integration to Whim app.

- Test the online market place blocket.se in Sweden.

Execution

Previous milestones/traction

First tailor-made insurance for peer-to-peer carsharing in the Nordics together with the insurance company If.

Winner of Place of experiment by the Prime Minister’s Office, cooperation with the city of Lappeenranta 2017.

Business Finland’s funding 2017–2018 for looking into connecting peer-to-peer carsharing with the public transport system.

AIKO Funding by the Growth Corridor Finland’s Sustainable mobility services programme 2017–2019.

Awarded The Best Mobile Service Supporting Sustainable Development at SLUSH 2018 by the Ministry of Transport and Communications.

Listed #3 on the Startup100 list in May 2019 by startup100.net.

2019 World circular economy nomination by The Finnish Innovation Fund Sitra.

Next key objectives

Secure seed financing round minimum €500k target €1M by the end of summer 2019.

Launch Kimppa ride-sharing app, Q3/2019.

Recruit enforcements in sales and tech development and start outsourcing tech development.

Commence technical integration with Whim.

Account for first month-on-month cashflow positive month 08/2019.


Within 12 months from securing finance

Launch revenue share co-operations in Sweden with one or two operators.

Complete integration to Whim and commence co-operations in Birmingham, Antwerpen and Singapore.

Launch first stages of Shareit-ID open source co-operations with CAC down by 75%, CLI up by 50%

Reach operational break-even 2021.

Previous Financing

Funding History (EUR)
Government grants €200k 02/2019
Government (Business Finland) loans €500k 09/2018
Founder Paul Nyberg through Brickbiz Ltd Oy €1.5M in 04/2015–05/2019
Total Raised €2,2M

Partnerships

Cooperate with online digital marketplaces dealing with cars, Tori.fi, Nettiauto.fi, Blocket.se, Fin.no exponentially escalate the uptake of cars in the service.

Cooperate with ridesharing forums to increase the number of users through Kimppa.

Build the Shareit-ID to offer a technical solution for international co-operation of peer-to-peer service providers.

Integrate with Whim, Kyyti and other route planners offering several transport options brings peer-to-peer cars together with public transport passengers travel options.

Cooperate with online secondhand car dealerships to offer the car buyer or seller the option of using the car as a shared resource, cutting costs.

Use of funds

1) Strengthen the team as follows:
- 1 full time and 2 part time sales
- 3 tech to enable in-house specification, ongoing development integration team.

2) Make use of being market leader in Finland and increase the marketing spending and repeating in large scale the earlier successes.

3) International scaling:
Starting from the Baltics and Nordics, UK, Holland and the rest of Europe. Renew and acquire new partnerships to make full use of network effects internationally. Build and apply open source API creating a global peer-to-peer and B2C de facto standard.

Industry Certifications/Awards

Chosen to pilot carsharing mobility solutions in the city of Lappeenranta by the prime minister's office Sept 2017.

Chosen the most promising sustainable mobility operator by state innovation fund SITRA Finland top 100 startups 12/2017.

Awarded the best mobile service supporting sustainable development in Finland 2018 at SLUSH by the minister of transport.

Listed #3 on the Startup100 list 05/2019 by startup100.net.

Return on Investment

Dividend payouts 50% of net profits after 3–5 years, exit by buyout or by request to sell shares facilitated by company entertaining new potential investors along the way.

Risk Analysis

Among risk factors are:
- a slower than expected growth due to fewer than expected consumers willing to change their mobility consumption behaviour
- premature taxation tightening the commercial benefits of carsharing
- too slow fiscal and insurance market changes
- national legislation limiting the sharing economy and mixing ethically correct operations with tax and labour law evaders.

Risk Warning

Privanet Group is a Finnish investment service group specialized in trading unlisted shares and managing companies’ financing needs. Our group includes the parent Company Privanet Group Plc, the fully owned subsidiary company Privanet Capital Markets Ltd, which focuses on capital market transactions, and its subsidiary Privanet Securities Ltd, which operates Finland’s only marketplace for trading securities of unlisted companies. Privanet is working closely with FundedByMe, the international crowdfunding platform. The entire Privanet group employs approximately 40 people. We have branches located in Helsinki, Tampere, Turku, Oulu, Jyväskylä, Vaasa, Forssa, Joensuu, Lahti, Mikkeli, Ylivieska and Kuopio. We provide a large variety of services aimed at bringing together investors and those in need of funding. http://www.privanetgroup.fi/?lang=en