Luxury car rental platform CarHopper expands to Los Angeles
CarHopper, a booking platform for luxury car rentals, said it has raised $1.5 million in seed funding and has expanded to Los Angeles, Las Vegas, and two cities in Florida: Orlando and Fort Lauderdale.
Miami-based CarHopper said the capital was raised from a syndicate of angel investors.
The company initially raised $500,000 at the end of last year, when the startup operated as a booking platform for local and independently owned car rental companies. CarHopper secured an additional $1 million, which it said would help expand its sales and marketing efforts, as well as accelerate product development.
CarHopper also said it has honed its focus to a more curated inventory, sourced from boutique luxury car rental purveyors. Selections range from Ferraris to Bentleys and Lamborghinis to McLarens.
CarHopper said it also expanded services in key cities such as Los Angeles, Las Vegas, 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 10 percent a year, CarHopper said, citing a report published by Statista.
"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,” founder and Chief Executive Bora Hamamcioglu said in a statement.