When FlightCar launched in 2013, the goal was simple: provide a way for people at airports to rent their vehicles to incoming travelers and make some money. In the next couple of years, the company appeared to progress, even overcoming regulatory issues. It expanded operations so that it was available in 12 airports around the U.S. and saw cars listed on its platform for more than 1.3 million days collectively.
The New Era Of Youth Startups
Facebook, Google, Yahoo — the pillars of the social revolution were all started by college students in their dorms. This was 10, 20 years ago. In the past decade, the proliferation of youth-centric startups prevails — and even flourishes. A constantly increasing 54 percent of millennials desire to start a business, according to the Kauffman Foundation, and the number of new business owners under 34 increases by more than 300,000 each month. The last six months has witnessed the blossoming of dozens of multi-million dollar startups from college students — some remaining in school and some delaying — including Snapchat’s rise to 400 million snaps per day with a $19 billion valuation and Dropbox’s now $257 million in funding and 400 million users.
FlightCar Raises $20M Series B from Tencent, Priceline, General Catalyst, GGV, First Round...
FlightCar is ready to change the dynamics of airport car rental and parking in the world. Similar to Airbnb that brought the revolution of renting out empty rooms in your house to travelers and tourists, FlightCar will do the same for unused automobiles. Consumers travel around the world each day leaving their cars parked at lots provided by the company near airports. FlightCar then rents those cars to the people travelling to and from that airport at a much lower rate compared to traditional car rental agencies.
The Youngest Entrepreneurs To Raise $20M
Last week FlightCar, a startup that helps you hire out your car from the airport while you’re on vacation announced it raised $13.5 million in Series A financing. Yet another entrant into the so-called sharing economy, FlightCar’s generating a lot of buzz because it’s a clear win-win for car owners and would-be renters. As long as you’re okay with a stranger driving your car all you have to do is drop it off. Rentals cost less that $30 a day, far cheaper than market rate and car owners can earn anywhere between $25-100 per week with free parking and a car wash thrown in. If you live in a city where you don’t use your car much you could earn up to $500 a month with FlightCar, which limits mileage and is fully insured.
Peer-To-Peer Airport Car Rental Startup FlightCar Raises Another $13.5M Led By GGV Capital
FlightCar wants to enable its users to rent out their cars at airports all around the country, and today is announcing that it has raised an additional $13.5 million to help fund that expansion. The new financing comes from GGV Capital, whose managing partner Hans Tung will be joining the company’s board. With FlightCar, travelers leave cars at the company’s lots near various airports around the country and receive free parking for the time that they are out of town. Those cars can then be made available to visitors to that airport, who pay highly discounted daily rates for rentals compared to more traditional car rental agencies.