Faraday: Accelerating Sustainable Car Sharing

29.11.2016

There are 1.2 Billion cars on the roads presently;
the cars are not used 94% of the time.

Faraday is on a mission to make ALL of them conveniently shareable.

 

Faraday provides instant, accessible technology to make any car securely shareable. Founded in June 2015 with a vision of making car sharing universal, Faraday uses patent-pending technology and unparalleled convenience to lead a sustainable revolution in urban transit.

 

The Drive to Share

Ask any group of college students or young urban professionals about their feelings toward car ownership, and you’ll hear responses patently different from those of their parents: Unlike the baby-boom generation, millennials are inclined to see cars as occasionally useful tools, good primarily for the odd Ikea visit or bulk grocery run. As such, younger car owners and drivers are inclined to think of cars as shareable resources more so than as identity statements, like their predecessors.

According to Nielsen (2014), more than 21% of car owners globally — mostly owners between 20 and 40 years old — are willing to share or rent their vehicles to strangers. The primary reason that most haven’t, however, is due largely to a lack of convenience and opportunity.

 

Convenience is >literally< the Key

In order to share their vehicles, car owners have to bypass one major barrier: Either owners have to physically hand over a key to each person willing to use or rent their vehicle, or they have to join a car sharing marketplace which installs in-car technology to open car doors via renters’ mobile phones or key cards.

Current in-car systems are either difficult to install (requiring a scheduled visit from a certified mechanic or technician to install at their convenience) or unsafe (e.g., utilizing an OBD-II port, which is unable to immobilize a vehicle in the event of theft).

Faraday knows that millennial owners are accustomed to instant convenience and technology they can trust, so we’ve developed a secure plug-&-go car-sharing system that ANY car owner can install themselves in under 2 minutes. With our patent-pending hardware and mobile technology, renters and designated car users can access vehicles with a simple tap on their mobile app, while immobilizing their cars to other users.

 

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Revving up: The Sustainable Revolution in Transit

Car sharing is a globally growing phenomenon, expected to be led by Asia within 5 years and currently developing in Europe at an 87% compound annual growth rate [Boston Consulting Group, 2016].

Faraday has begun beta sales in Finland, currently testing its APIs and software with corporate customers like Arita, a national car retailer who will offer car sharing as an add-on to its month-to-month leasing packages.

With pre-sales of our hardware with a major peer-to-peer car sharing platform in Europe, as well as validated demand from leasing companies and private car owners alike, Faraday is taking off, inviting along forward-thinking investors who can accelerate our hardware development and sales.

 

Cooperation: Shared Progress Toward a Sharing Solution

Faraday is pleased to have Timo Ketonen (Aboa Advest) as the lead investor of our €250K seed round (closing in January 2017). With a passion toward sustainability and a dedication to growing young, diverse companies to their full potential, Aboa Advest is a strategic addition to the Faraday team, offering valuable mentorship and advising in addition to investment. Aboa Advest’s young partners are also quite excited about the Faraday: they really don’t need a car of their own, and prefer a car sharing service that does the trick when they need a car.

We’re seeking additional investors with expertise in hardware development, transportation, cleantech, or international sales to further grow with.

For more information about the company or the seed round, please contact Faraday’s Co-Founder and CEO, Miikka Viitala at miikka@faraday.fi, or our lead investor Timo Ketonen at timo.ketonen@aboa-advest.fi.

Faraday website

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