Ascendia Drive is the newest on-demand service to hit Seedrs, allowing car hirers to borrow cars whenever they like from a community of borrowers.
It uses the same philosophy of the Uber taxi on demand service that orders a cab at the tap of an app, but also helps those not using their car to generate a little cash.
Although insurance would seem like the biggest barrier to this type of service, it’s all organised by Ascendia Drive using Aon/AXA, giving hirers the opportunity to borrow cars they would not normally be able to afford or are just impractical for everyday use.
“Working closely with Aon and Axa, Ascendia has overcome the previously insurmountable barrier of insuring high value aspirational vehicles, underwritten by a household name, in a bespoke agreement, enabling an early-mover advantage and we believe making it difficult for any new entrants, the company said.
The app finds cars nearby that meet the hirer’s specification. Unlike hiring a car from a hiring firm, the hirer will get exactly what they want and they won’t have to travel far to find a matching car.
The company said: “Ascendia aims to disrupt the $60bn car hire industry which in the UK consisted of 10 million car rental transactions last year.
“Car sharing is great for the environment and the economy whilst peer to peer sharing bridges the inequality gap and brings people together. Ascendia raises aspirations for those who previously could not afford certain models of cars or have no access to cars.”
Ascendia Drive is seeking £140,000 of investment in exchange for 12.84 per cent equity. At the time of writing, it had raised £91,650 and the campaign expires on Seedrs in a little less than two months.
