Drive lah, a Singaporean mobility company nicknamed the “Airbnb for automobiles,” has received a US$3.2 million pre-series funding round. KFC Ventures led the investment round. HH Investments VC and Accelerating Asia are among the other participants.
Robin Chase, the co-founder and former CEO of Zipcar, as well as other angel investors from across the world, took part in the event.
Drive lah seeks to build a shared mobility ecosystem in the Asia Pacific area after gaining over 150,000 registered users on the platform since its launch. The firm just started in Australia and plans to expand further in the coming year.
Drive lah, which was founded in 2019, is a vehicle application for individuals who want to hire a car from owners who want to earn money from their car when it is idle. Due to growing ownership prices and parking difficulties in cities, owning a car is seen to make less sense; yet, demand for flexible mobility is on the rise.
Drive lah co-founder Dirk-Jan ter Horst said, “Cars are idle 95 percent of the time, so for owners, it makes sense to put this asset to use. Renters get unlimited access to nearby cars without the cost of owning one. Our proprietary in-car technology enables keyless access through your phone, and this makes it extremely convenient and safe for users. Moreover, it is 30-40 percent cheaper than anywhere else.”
Every day, Singapore has 11,520,548 underutilized car hours, according to Drive lah. Its P2P vehicle-sharing idea can help to improve the environment by utilizing assets more efficiently and, as a consequence, reducing the number of wasted car hours.
Drive Lah just finished Accelerating Asia’s 100-day acceleration programme. It purchased Smove, a fleet-based car-sharing service, in 2020.