CarCloud was born out of a deep frustration shared by founders Paul Jewell and Geoff Turral. With over 50 years experience between them, on both the customer and manufacturer sides of the industry, they became increasingly frustrated that, as the world has moved rapidly to mobile, customer-centred solutions, the options for car ownership remain rooted in the 20th century.
CarCloud is a free to download app that enables the UK’s 33 million drivers to manage their second highest monthly spend on their phones, just like they can for virtually every aspect of their lives.
Our customer mission is simple. To help drivers save time, money, reduce stress and the environmental impact of car ownership.
How Does It Work?
- Customers download CarCloud for free from Google Play and Apple’s App Store.
- You enter your car’s registration, CarCloud retrieves your vehicle data and securely stores it on the cloud.
- From then, 3 things happen.
- You receive ‘stay legal’ reminders to ensure you never miss a key date. (7.1M UK drivers missed their MOTs by an average of three weeks during 2020)
- You can easily upload car documents and paperwork to be securely stored on the cloud and always accessible when you need them with one tap of your screen.
- CarCloud takes time, cost and hassle out of buying those services we have to by manage our cars
How does the revenue model work?
We don’t take advertising, we don’t sell customer data – we make revenue when our customers save time and money.
Customers download CarCloud to take time and stress out of car ownership. But, once they’re on CarCloud we have a lot of car and personal data. With their permission, we use it to pre-populate those tiresome, repetitive forms, taking chunks of time out of the process. By taking time and hassle out, we put the customer in a position of strength to make informed decisions.
Revenue Streams
There are 4 revenue streams – 3 consumer and 1 B2B
- Insurance commission – applicable to 100% of customers, with a 12 month cycle (Live)
- Finance commission – 89.5% of cars are financed, with an average 27 month change cycle. (Dec 2021)
- CarCloud MultiCar – premium app upgrade subscription revenue. You can store up to 3 cars on the free CarCloud app. MultiCar allows customers to store 4-10 cars and targets families, enthusiasts and small businesses. (Dec 2021)
- CarCloud’s B2B compliance platform – SaaS monthly recurring subscription revenue.
for the 90% of business journeys that are undertaken in the employee’s personal car (March 2022)
Customer Acquisition
CarCloud acquires customers through 3 validated digital channels;-
- Digital content and display – regional and local
- Paid & organic social media – national
- Interactive media partnership – Reach Plc – regional, national and local
We are targeting 111,000 users by December 2022 and 1.15M by December 2026, at an average cost per account set-up of £2.93 per user.
CarCloud’s key point of marketing difference is that we do not compete for customers at the (very expensive) point of sale. Customers join the platform as a life-hack, to get looked after and reduce the headaches that come with managing your cars.
The Investment Proposition
CarCloud is raising on Seedrs. We hit our investment target 48 hours after launching, and we’re now overfunding prior to closing the campaign out. We are targeting 7-12X return for investors in this round, in 4-6 years with a planned exit via a trade sale.
Click here to take a closer look at the CarCloud business and investment proposition.
https://www.seedrs.com/carcloudcommunity
We’d love to have you join us on the journey!