(NEW YORK) –Car sharing company HyreCar (HYRE) filed with the SEC to raise $10 million in its initial public offering.
Based in Los Angeles, HyreCar, filed for an initial public offering (IPO) seeking to sell up to 2 million shares at between $5.00 and $6.00 a share, raising around $10 million, and to list on the Nasdaq under the symbol “HYRE”.
HyreCar found their niche when they realized there was no rental market for people who wanted to drive for Lyft and Uber but didn’t have a car that met requirements, which usually include restrictions on older vehicles, two-door coupes, etc.
Using HyreCar’s platform, car owners post their vehicles to HyreCar’s marketplace, and drivers browse inventory. Once drivers find a car, they create a profile, entering personal information including driver’s license and social security number, and submit a credit card or debit card for payment. HyreCar then checks criminal records, DMV records, the sex-offender database and other watch lists.
HyreCar’s competitive advantage, however, lies with its commercial automobile insurance policy covering both car owners and drivers.
HyreCar has already raised $5.5 million in venture capital funding, accordign to Crunchbase.
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