Announcing our $1.5 million raise to expand

We are very proud to announce that CarHopper, a first-of-its-kind booking platform for luxury and exotic car rentals that streamlines access to top tier cars, today announced it has raised $1.5 million in seed funding and has expanded its operations to Los Angeles, Las Vegas, San Francisco, New York City, and the Hamptons. The capital, which was raised from a syndicate of angel investors, positions the startup already as a top player in the Miami entrepreneurial scene, where it is headquartered.

An initial $500,000 seed funding was completed in the fourth quarter of 2016, when the startup operated as booking platform for local and independently owned car rental companies. CarHopper also announced today it has honed its focus to a more curated inventory, sourced from boutique luxury and exotic car rental purveyors. CarHopper just secured an additional $1 million capital raise, which will help the company expand its sales and marketing efforts, as well as accelerate product development, bringing the seed funding to a total of $1.5 million in the last six months.

With the growth of online marketplaces and the sharing economy, consumers now have a wider variety of channels to access goods and services in non-traditional ways. “Latest trends demonstrate that people prefer buying experiences rather than assets,” says Bora Hamamcioglu, Founder & CEO of CarHopper, a trend that the company is capitalizing on. In addition to private jet services and luxury homes, sophisticated shoppers now have easy and streamlined access to luxury cars with CarHopper. With an elegant online platform and an easy-to-use mobile application, members can book effortlessly from a variety of real-time options.

The additional funding builds on an exceptional year for CarHopper, which saw a rapidly growing roster of clients and market momentum expanding their services in key cities like Los Angeles, Las Vegas, New York, the Hamptons, San Francisco, and across South Florida — markets in which luxury car rental demand continues to grow based on lifestyle trends and the rising global tourism industry. The revenue of the luxury car rental market in the United States is at an annual $5 billion and growing at a steady 10% a year, according to a report published by Statista (The Size of the North American car rental market — forecast 2012–2022). “We are very excited to pioneer the growth of this highly fragmented market and streamline the process of renting luxury cars through our innovative technology,” says Hamamcioglu.

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