Sunday, May 15th, 2011 - Future Capital
Australia’s leading Internet venture accelerator, Future Capital Development Fund (FCDF), today announced it has invested in another Internet company, DriveMyCarRentals.com.au (DMCR), the first company in the world to successfully commercialise peer-to-peer (“P2P”) car rental.

DMCR is an online web based service that promotes and facilitates private car rentals, also known as peer-to-peer (“P2P”) car sharing. The company developed an online platform that connects drivers with car owners willing to rent out their car. By renting privately, car owners can offset some or all of the fixed costs of car ownership. The benefits of the service extend to car renters as well, giving them access to the largest range of rental cars in Australia, with savings of up to 80%, compared to traditional car rental prices.

Domenic Carosa, Executive Chairman of FCDF, stated: “DMCR is a disruptive business model and has first mover advantage in the Australian marketplace. Offering over 40 car makes across short and long term rentals periods, the company fills a gap in the market not currently serviced by the car rental or automotive leasing sector. We’ve been impressed by Daniel (Daniel Noble, CEO of DMCR) and the team he’s assembled. He’s built what we look for: a strong capable team committed to great technology, service and a business with strong global potential.”

Daniel Noble, CEO of DMCR stated, “We welcome Future Capital as a cornerstone investor. We believe they have the right skills to help build further value in the business.”

Domenic Carosa, Executive Chairman of FCDF, is an Internet pioneer and strongly believes that strategically backed ventures like those within the FCDF stable will ride the wave of the next Internet boom.

Ends

For further information contact
Domenic Carosa - Chairman of Future Capital - 0411 19 69 79 or email [email protected]

Daniel Noble - CEO DriveMyCar Rentals - 0422 461 500 or email [email protected]

Contact Profile

Future Capital


FCDF invests in fast growing Internet, mobile and technology companies, known as Upstarts, which have customers and transactional revenue.

FCDF invests anything from a few hundred thousand dollars to a million, usually taking a significant minority stake. As well as providing capital, practical assistance is provided to assist the company’s rapid expansion. FCDF will not invest unless it can be actively involved in providing strategic input, relationships and practical operational support.
DriveMyCarRentals.com.au joins FCDF’s current stable of companies which include imorial.com, eventarc.com, CheapHotels.com.au, OurWishingWell.com, SMS Central, My Guest List and Domain Folio No. 1.

About DriveMyCar Rentals

Launched in December 2008, was the first operator to successfully commercialise the peer to peer car rental concept. DriveMyCar Rentals connects Car owner with Drivers seeking to rent a car. Car owners pay a $25 AUS[1] ($15 US) annual fee to list their vehicle. Drivers can search and book these vehicles online, with the site arranging the rental agreement, insurance & payments. In 2010 the service introduced a hybrid insurance product that enables a private car to have full insurance cover whilst rented. The DriveMyCar insurance product automatically covers an Owner's vehicle when rented, costing Drivers $10 per day. The company also offers private fleet management, 24/7 roadside assistance and has an online cost claim and resolution management portal. In late 2010, the company expanded its service from short term car rental to include short term car leasing (1-12 mths) and entered the insurance replacement vehicle market. As of November 2010, DMCR offers its customers over 36 different car brands and has a total accessible fleet of over 5,500 vehicles nationwide, ranging from budget to luxury. The company intends to expand its service into Europe and the U.S. in 2011.

http://www.drivemycarrentals.com.au


Domenic Carosa - Chairman of Future Capital
P: 0411 19 69 79
W: www.futurecapital.com.au

Keywords

VC, venture capital, Angel Investors, Entrepreneurs, Early Stage Investment, Active Investors, Innovation, Commercialisation, Australian Companies, Pitch

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