Australian mobility software provider raises $3.95M to expand to US
Australia-based mobility software provider Loopit has raised $3.95 million in pre-Series A funding to enter the U.S. market.
The company’s technology allows automakers, dealers and rental car companies to provide vehicle usage models like car subscriptions and micro-leasing. Porsche, Subaru, Polestar and SIXT are among the companies to which it provides mobility management software.
The round includes funds from existing investors Upswell, Common Sense Ventures and Luxem, plus new investors AeroCorp, a major AVIS licensee, and RAC venture capital arm BetterLabs.
Its network includes more than 55,000 vehicles.
“Car subscription is already financially attractive for consumers, particularly consumers who prioritize flexibility,” co-founder Michael Higgins said in a news release. “As automakers refine their pricing models, we anticipate further reduction in costs.”
He later added: “The automotive industry is undergoing rapid innovations with electric and autonomous vehicles. The next significant breakthrough will be in transforming the car ownership experience, especially as vehicles increasingly incorporate advanced technology.”
Higgins contends that consumers are starting to find vehicle access more attractive than vehicle ownership.
“We are confident that flexible ownership alternatives will soon be the default choice for hassle-free, affordable vehicle access,” he said.