Car subscription start-up eyes European market after $3.6m funding

Car subscription software start-up Loopit has raised $3.6 million in its first external capital raise, led by early-stage venture capital firm Tidal Ventures, with participation from Upswell Ventures and Luxem.

Long delays for consumers who want to buy new cars, the high price of second-hand vehicles and EV-curious consumers have pushed more customers to trial car subscription services. The subscription model has gained traction throughout the pandemic, with the company expanding to New Zealand last year and into the United Kingdom six months ago.Michael Higgins, managing director of Loopit, said the funding from the oversubscribed round would help the company expand internationally, using its new UK office as a launch pad into Western Europe.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vendors eye private market as auctions coolIn Sydney, 28 per cent of scheduled auctions were withdrawn, the highest rate since April 2020. Aus propadee is a ticking ⏰ 💣
Source: FinancialReview - 🏆 2. / 90 Read more »

'It's bananas': How to navigate buying and selling in a never-before-seen car marketYOUR SAY: Have you recently been forced to overpay for a used car? As the global car industry continues to rebound from COVID-19 disruptions, some drivers are selling their used cars for almost as much as they bought them for. DETAILS: 9News Forced to overpay…. No one can force you to overpay 🤷‍♂️ Indeed, and some are selling them for more than they bought them for… Talk about inflation… 🙂 china covid inflation 'forced'
Source: 9NewsAUS - 🏆 10. / 72 Read more »

'It's bananas': How to navigate buying and selling in a never-before-seen car marketUsed cars are being turned over for the highest prices ever seen, while getting a new car is not much easier.
Source: 9NewsSyd - 🏆 23. / 51 Read more »