Project Car Share

Project Car Share launched in December 2016 with just three vehicles and has since expanded to be an integral part of living for tens of thousands of members. Its expansion in February 2022 provided a template for rolling out into new cities and displays the scalability of the Company's model. The Company has ambitions to launch in 20 regional cities, with at least three cities targeted for 2025.

By providing instant, convenient access to cars for individuals and businesses, Project Car Share replaces car ownership, car leases, car rentals and taxi trips. Importantly, it targets trips between one hour and one day, an area of the market underserved by the likes of Uber or traditional car rental companies.

Third-party research suggests that every Project Car Share vehicle replaces 10+ private vehicles (via sold or foregone purchases by users). This supports a fundamental change to our cost of living, congestion, emissions, and how we use the space in the cities we call home.

Investment Highlights

➢ 50,000+ members, including hundreds of business and corporate clients;

➢ Grown revenue from c.NZ$1m FY20 to c.NZ$5.4m FY24 at a CAGR of 52%;

➢ A successful 2022 launch into the Auckland market highlighted the opportunity for further New Zealand growth;

➢ 3+ New Zealand cities targeted for launch in 2025;

➢ NZ$4.42 of funds have been committed to date.