Why open another crowdfunding under the same terms? As an earlier investor in this round. You get to invest at a lower valuation when comparing it to the end of the previous crowdfund $15M 0% discount.

We're raising on the same $15M, 0% discount terms as the last raise. We have a discount on the first $100,000 in commitments just to get the ball rolling on this new campaign. We have grown and built a ton but we are are also raising under very different market conditions than when we started the last campaign. We discussed these terms with Wefunder and feel the terms in this round are fair. You can also double down on your investment under these terms. Many already have!

I live just outside DC. I'd love to just give money and do nothing, but would rather try to help build what I am investing in. Do you need workers in DC?

Hi Jeremy, thanks for your investment and support! I'll reach out directly to discuss how you might plug in to support our expansion!

As a "sanity check", how is this different than Zipcar (?)

There is a section on competition on the page but to simplify: User experience: Upshift is a fractional lease. We provide a predictable and reliable alternative to leasing. We deliver an identical car to you door whenever needed that is personalized to your preferences. No matter where you go, "your" car will be there. We ensure the car is always clean, gassed/charged, routinely serviced and repaired. We offer fixed monthly plans of 4, 8, or 12 days/month and guarantee availability. Our membe...

I noticed your current fleet is primarily hybrid vehicles. Who currently pays for fuel, Upshift or the customer? Does the customer need to return the vehicles with a full tank of gas? Also, how do you plan solve the parking situation in dense urban residential areas with limit...

We are beginning to electrify the fleet now. We have a Hyundai Ioniq 5 and we are in the process of adding a Tesla Model 3. For gas cars, we deliver the car with a full tank, EVs we deliver 80% charged. Member is responsible for gas/charging during their booking. At the end of the booking, we gas/charge it and bill the member at cost. We have never paid for a parking garage in San Francisco and keep our fleet 'free floating' in the city. This has saved us hundreds of thousands of dollars. We ...

Few questions. 1. How many subscriber you need to breakeven on say a Tesla model 3? 2. Don't you see suffer problem you are solving because of higher demand for weekend and low demand during weekday? 3. Would this not cause your cars to sit idle during weekdays and not able to...

Depends on what you mean by 'breakeven'. We are currently gross margin positive with 3.3 members/car (eg, our revenues cover more than the cost of cars, insurance, and delivery). Cars are typically full on weekends and go out ~40% of the time midweek. Some of our members use the cars exclusively midweek for hybrid commutes. We see an opportunity as more people work from home to drive more midweek demand and increase revenues and utilization midweek. We also see opportunities to increase reven...

Upshift Updates, Team, and Funding Progress | Wefunder, Home of the Community Round

$2.7M raised from MINI (BMW), Ford, Third Sphere, Climate Capital & angels.

Reinventing car leasing for low mileage drivers: a $630B new fractional car subscription market

Team: went to MIT, UC Berkeley, did YC, and worked at Uber, Fair, Zipcar, Meta.

$435k+/year revenues, 2X annual growth, 97% retention. $1M+ all-time revenues.

$805 acquisition cost, $5,724 lifetime value

Raising $3M to expand to DC market, electrify fleet & add remote car delivery tech (teleoperations)

829,875pounds CO2 reduced from our EV fleet — like taking over 88 cars off the road for a year

Upshift

Fractional EV car subscriptions: the future of car non-ownership

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