Seven West Media has invested in car subscription company Carbar.
The details of the investment, including the dollar value, haven't been released.
The business recently completed a $28.9 million funding round led by SWM and IAG. The funds will be used to broaden Carbar’s marketing, partnership and technology capabilities, as it looks to further scale its operations in Australia and capitalise on the adoption of electric vehicles (EVs).
Carbar says it has experienced more than 2000% increase in active subscribers since the last cap raise in July 2019.
“This round will help us expedite growth in the business and make Carbar a household name,” says Carbar co-founder and CEO Des Hang.
“While we are thrilled with our growth to date, we realise that our current round of car subscribers are really early adopters.
“Given the experience overseas -- in less car obsessed markets -- we know that with the right push, this trend of subscription can compete with and rival car ownership. We’ll be leading the charge on this for the entire car subscription industry.
“We also believe Carbar will play an instrumental role in the adoption of EVs across Australia as there are few solutions out there helping make these cars more accessible and easier to afford. The global rise of EVs is an inflection point for the auto industry. We want to be a global brand before this trend is fully realised, and in order to do that we need to further accelerate our growth.”
Seven West Media’s head of Seven West Ventures Alan Stuart says Carbar already holds a unique position in Australia’s evolving auto industry.
“It’s a compelling consumer offering that, with the right push, has the ability to totally change the way we perceive EVs in Australia,” Stuart says.
“By working closely with Carbar, we aim to accelerate its growth and help more Australians realise the value in car subscriptions and EV Technology.”
The completion of the funding round follows a year of new commercial partnerships for Carbar. The company manages AGL, Aurora and sonnenDrive’s respective EV subscription programs. Carbar also recently became the first car subscription service in Australia to join the Electric Vehicle Council.
Carbar also established an ABS facility aimed at funding the expansion of its fleet, with a view to increasing its total proportion of EVs from 5% to 25% over the next few years.
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