LAS VEGAS — The first car rental company in the world to take on the challenge of renting a car from Laguards capital, Buenos Aires, has raised $1.5 million in funding.
RentalCar.com, founded in 2013 by former students at the University of Southern California, was the first car sharing service to open its doors in the Americas.
The company has become a top-notch resource for tourists to rent their cars in Largaardia, Argentina, a coastal city of about 10 million people about 60 minutes east of Buenos Aires.
The company has expanded to include car rentals in other cities, including Lima, Lima, Mexico City, and other European cities.
Car-sharing services have flourished in recent years, and Uber, Lyft, and Ola have all made major investments in their respective cities.
The startup is also the first of its kind to offer a car-sharing service in a city with a vibrant taxi-dominated sector.
The venture’s founders hope to expand to other cities over time, and their plan is to provide drivers with access to the same resources as their customers, Car-Share said in a statement.
The service has raised about $1 million so far, and Car-share hopes to be profitable by 2020.
The Los Angeles-based startup was founded by the former USC graduates, including Caran Flegrei, a former vice president at Uber and former CTO of Lyft.
Flegreis is now CEO of Caran, a global mobility company that operates in over 150 cities around the world.
The founders hope Caran can offer a similar service to Uber and Lyft.
Caran also has partnerships with major auto makers, including BMW and Nissan.
The Largatian capital has been a haven for the car-rental industry for decades, and there are currently more than 3,000 cars available for rental in Largs car-share company.
The new funding round comes as a number of car-related startups have been growing quickly, such as Caran Carpool, a taxi-based vehicle sharing service that is also part of Caravelo.
Caran is also expanding to cities including Manila and London.