WaiveCar is the first car-sharing company with all-electric cars. Drivers can use the car for free for the first two hours, after which they have to pay $5.99/hr. Waive Car is also proud to say that it has the lowest rate in the car-sharing industry. This was made possible by a unique marketing scheme.
“WaiveCar” was featured on Shark Tank USA in November 2017. It was started by Zoli Honig and Isaac Deutsch.
In the episode of “Shark Tank,” Waive car’s founders Zoli Honig and Isaac Deutsch asked for $500,000 in exchange for 2% of the company. That’s why they were able to make a deal with Kevin O’Leary for a $500,000 loan with an interest rate of 12.5% in exchange for 2% of the most-anticipated electric car ride-sharing company.
Waivecar seems to be on break right now. From 2020, the founders changed directions and started working in REEF. REEF will turn empty parking lots into thriving centers for transportation and logistics.
Have a burning curiosity about their methodology? First things first…
Know About WaveCar’s Net Worth
WaiveCar has raised $3.5 million in venture capital since it started in January 2015. It’s worth $6.7 million in 2019. After that, the startup was discontinued.
WaiveCar Before ‘Shark Tank’
WaiveCar started up in 2016 and says it is the first free electric carsharing service in the world. It is based in Santa Monica. One can rent and use their cars.
As long as their license and credit card are valid, a car driver can act as a moving billboard. WaiveCar is different because it doesn’t make money off of its customers. Instead, the only way the company makes money is by showing digital ads on a screen on top of the vehicles.
They already had more than 3,000 customers in the Santa Monica area in their first month, with 45 percent being women and 55 percent being men. This was more than their competitors Cart2Go and Zipcar had in their first months.
WaiveCar signed a 12-month deal with Hyundai, which let the company run its fleet of cars.
The company would give the carmaker advertising space on the vinyl wrap. The driver would also be asked questions after each ride. Its growth has allowed it to add 180 vehicles and expand to Los Angeles by 2017.
There is a lot of competition in the car-sharing business, but they are still confident because of how they do things differently. They think that more people will use them because they are free.
A few days after expanding to Los Angeles, WaiveCar was on the popular ABC show Shark Tank. The last episode with the two founders aired on October 29, 2017.
WaiveCar After Shark Tank-Update
After being on Shark Tank, WaiveCar put 19 electric cars on the road in Los Angeles and 3 more in New York.
WaiveCar and California State University joined forces in 2019 as part of the university’s program to share zero-emission vehicles. But as of January 2020, WaiveCar’s car sharing services at its Los Angeles campus were stopped while the company worked on renewing the insurance on its fleet of electric cars. But it looks like WaiveCar’s problems don’t end there.
The WaiveCar app suddenly disappeared from the Google Play Store and the App Store, leaving users to wonder what happened to the company. No one knows for sure if the WaiveCar had turned or not.
They were never put back into service, and because of the Covid-19 outbreak, the new business had to close in the middle of March.
Later, they started WaiveWork, which rents out electric cars for $280 per week. They still use the same social media accounts, even though they haven’t been used since October 2019. In March 2020, Zoli joined REEF.
In December 2020, Isaac will start at the same company. As of June 2021, the social media platforms haven’t been updated.
Since then, the company has started WaiveWork, a cheap car rental service for people whose jobs involve driving. WaiveWork is for people who need to drive for work but don’t have or don’t want a car. Drivers can use one of WaiveCar’s Hyundai IONIQ Hybrid electric cars for $40 per day, which covers the cost of insurance and maintenance.