Self-drive car hire company Whitecar has secured £1.29m funding in order to expand into Europe.
The company only offers white Teslas, and currently operates out of Heathrow, Gatwick, Manchester and Edinburgh airports.
Whitecar launched in 2016, and claims to have the largest fleet of white Tesla vehicles in the UK. It currently offers the saloon Tesla Model S 90D which seats five adults or the Model X 90D which seats up to seven people.
The £1.29m of fresh equity capital was raised at a pre-money valuation of £5.85m from two sources: £893,000 from a successful Crowdcube campaign, which was 137% overfunded, and £400,000 from Regency Mines, a company quoted on AIM at the London Stock Exchange.
Regency Mines invested £200,000 at the end of December 2017 and will invest a further £200,000 in February 2018. It also has an option to invest an additional £250,000 at a 50% premium by October 2018. As a result of this deal Scott Kaintz, chief operating officer of Regency Mines, has been appointed to the Whitecar board.
Through Whitecar Share, the company also rents out Tesla cars belonging to private owners, allowing them to generate extra revenue when their cars are not in use. The company also runs Whitecar Valet, which looks after owners’ Teslas who are travelling from Heathrow, Gatwick, Edinburgh and Manchester.
The company also promised that operations will be soon run entirely through Whitecar’s smartphone technology without the need for paperwork or technology.