WaiveCar, a car-sharing program that is fueled by advertising dollars, launched Monday in Santa Monica with the slogan, “We waive the fee; you drive for free.”
The company, which offers users free cars for two hours and charges $5.99 for every subsequent 60 minutes, currently boasts a fleet of 20 cars throughout the Santa Monica area that will be accessible to drivers through WaiveCar’s app. Using an Android or iPhone, drivers will be able to locate a WaiveCar — and then drive away.
In an interview with the Business Journal, Isaac Deutsch, WaiveCar co-founder, said that the company will be funded by the digital displays atop its fleet of four-door, electric Chevy Sparks. He also cited VeriFone displays on taxicabs in Las Vegas and New York as a business model.
“We don’t need to test it, they tested it for us,” Deutsch said.
Deutsch launched the company with Zoli Honig, who sold Chalkable, an education based app store, to STI for $10 million in 2013.
The company previously raised $1.5 million in Series A funding from private investors.