Karshare to complete a £3 million pre-series A funding round backed by angel investors.

Karshare, a London, UK-based operators of a community marketplace for renting and car-sharing, raised £3 million ($4.2M) in what it dubs a Pre-Series A funding round.

The money was raised from British investors including Fullbrook Thorpe, Adjuvo Syndicate, and Saracens Football Rugby Club owner Nigel Wray.

Proceeds will be used for geo expansion across other British cities such as Birmingham, Leeds, Edinburgh and other rural communities such as Strathaven and Talybont.

Karshare, founded by CEO Andy Hibbert, built an on-demand peer-to-peer car sharing platform which enables people to rent their car to others within their community. Its keyless technology means all cars are instantly available. Renters can book via the app and access the vehicle straight away, with no need to arrange a time and date to collect keys from the owner. The cars are also fully insured through the service and include breakdown cover.

Karshare previously raised £1.4 million via Seedrs in 2020, and has operations in four cities in the UK - Bristol, Manchester, Coventry and London.