Australian startup Car Next Door has been sold to US tech giant Uber after a decade in business.
The acquisition price has not been disclosed
The peer-to-peer car rental platform was first launched in Sydney in 2012 and now operates in all capitals except Darwin, as well as the Gold Coast, Cairns, Launceston and Newcastle.
Car Next Door will report to the Australian Uber team, but will operate independently otherwise, with the current leadership team continuing to focus on building the technology and scaling it to more cities.
The car-sharing market has had a lot of support from the Hyundai car brand over the years amidst several million raised in a series of funding rounds. The South Korean manufacturer recently invested $6.2 million in Car Next Door in 2019.
Dom Taylor, general manager of Uber ANZ, said 2022 marks 10 years since the two companies first started in Australia.
“a A lot has changed in that time but one thing has remained constant: a shared vision we need to make transportation not only safe, comfortable and affordable – but also sustainable.”
“Over the past decade, Uber has created shared ride options like the Uber Pool, and has invested $800 million globally to drive uptake of electric vehicles, integrated mini-mobility, and public transportation options in the Uber app. What our app users don’t have, is the mid- and long-haul option term. This deal will change that.”
Will Davies, co-founder and CEO of Car Next Door, said working with Uber gave them the ability to scale their ambitions.
“We know that many of our members already combine car sharing, ride sharing with shared bikes and scooters, walking and public transportation for the commuting mix that fits their lifestyle,” he said.
“We are hearing from more and more people that they no longer feel the need to own a car, because having on-demand transportation saves them money and hassle. We see this deal as a huge step towards making a car or car-free life accessible to more people in more places. And make way for people, not parking.”
Uber, which is listed on the New York Stock Exchange, has a market capitalization of about A$100 billion.