MyCarYourRental is safe and secure online service that allows Kiwis to rent out their own car or find a privately owned car to rent.
The idea behind MyCarYourRental is to utilise the cars we have in New Zealand much more efficiently. We have so many cars that are not being used, but still we go to the big rental companies when we need a car. We should be renting from each other and put the money we spend on rental cars in the pockets of locals instead of big international rental companies.
We're a Kiwi Peer to Peer car rental community that's built for the crowd, by the crowd.
To use Kiwi owned cars more efficiently for the benefit of local communities and the planet we live on.
Get in the car - be a part of it
208 litres of coffee, 450 days of hard work and a pinch of brainpower has been the recipe to success so far. In order for MyCarYourRental to grow bigger we need to add a crucial ingredient to the mixture – you.
As an investor in MyCarYourRental you become a part of a start-up business, that aims to change the way we look at transportation in New Zealand
The share offer details
We’re raising a minimum of $300,000 and maximum of $800,000 by issuing between 300,000 and 800,000 shares at $1 each. This makes up an offering of between 11, 1% and 25% of YouShare Limited trading as MyCarYourRental.
We have valued the company at $2,400,000. This value is based on third year EBITDA of $792,000 (from our medium budget) times a 3x multiple, which we believe is a conservative estimate compared with other businesses operating in this area.
Our valuation was arrived at after consulting a financial advisor (Rightway Accountants) and they expressed that it is a fair evaluation leaving room for further growth.
Comparable markets around the world have shown significant growth over the past number of years. Market leader in the USA, GetAround.com, announced a couple of years ago that they doubled their turnover to “Tens Of Millions” within 6 months. Danish start-up GoMore.dk (in English here) also announced that they passed turnover of DKK 100 million (NZ $ 20 million), just 3 years after launching their Peer to Peer car rental company.
Rights attached to the shares
The investor shares are non-voting but will have the following rights:
Non-voting shares do not give the holder the right to vote at meetings of shareholders. In very limited circumstances (to ensure the shareholder’s core rights are protected) each non-voting share gives the holder the right to one vote. This only occurs where there is a proposal or resolution:
that will affect the rights attached to the Investor Shares
to put the company into liquidation
for the disposal of the whole, or a material part, of the property, business and undertaking of YouShare Limited
Non-voting shares will give the holders:
The right to an equal share in dividends and other distributions made by YouShare Limited (subject to the rights of any other class of share)
The right to an equal share in the distribution of surplus assets of YouShare Limited.
However, investor shareholders have no rights to vote on removal or appointment of directors.
What we’re raising the money for?
About our Team
Henrik Stovring, Creator & CEO
Born in the cold North of Denmark, he was told to move to NZ by his parents at the age of 16. He fell in love with the place and is now back to use his skills as a creative entrepreneur. His background is based around establishing and running several business in Denmark, the most relevant was a traditional car rental business started from scratch and ran it for 15 years prior moving back to NZ.
He’s the very proud father of 3 young kids who are all turning a bit nerdy when it comes to cars and how they can be rented out. Hobbies include everything outdoors in the great NZ and doing up his old campervan from 1971 so it’s ready for the road later this year (and yes, it can be rented)!
Munya Chitongo, Manager
Originally from Zimbabwe, Munya has been with MCYR since the early days. Munya is passionate about the sharing economy and his skills lie in marketing - he holds a Bachelor of Commerce degree from the University of Canterbury. In addition, Munya has experience in the agriculture, media, banking and software industries. Munya enjoys spending time with the family, travelling the world, networking, jogging and playing football.
Jens Løgstrup, Communications Coordinator
Jens was born on a desktop with pen in his hand in the heart of Aarhus, Denmark, 28 years ago. In January 2015 he finished a degree in strategic communication from The Danish School of Media & Journalism. Instead of pursuing a communication career in the land of Vikings and pastry he moved to the land of hobbits and sheep to live with his better kiwi half. He primarily works with PR, writing and other communications jobs, including on a freelance basis for MyCarYourRental. In his spare time he enjoys camping, hiking, mountain biking and as one of few in his generation, he is an avid birdwatcher.
The Joker, Digital Marketing Specialist
It could be you, it could be your neighbour or it could be anyone else from the crown. We will be looking for a specialist in online marketing and strategic partnerships who can join the team. The joker is full of great ideas of how to do things differently and has an excellent understanding of the sharing economy and peer to peer market in general. The joker is really adaptive to in the constantly changing market environment.
Our Key Values
We believe that the individual should have the power to make the most out of their assets in the easiest possible way - for the benefit of the individual, the community and the environment.
MyCarYourRental allows Kiwis to use their cars more efficiently. We have so many cars in this country that are not being used, but still we go to the big rental companies when we need a car. We feel we should be renting cars from each other, and be putting the money we spend on rentals in the pockets of locals – not big international rental companies.
Less waste. Less vehicles - better living. We like to believe that the answer to the demand for car rentals is sitting in your garage. Not in a container being shipped in from Japan. Less cars imported means, less cars produced and less pollution.
MyCarYourRental strengthens communities in a way that traditional car rental companies struggle to. From the moment you ask the first question about the car you are renting to the moment you are handed over the keys you will be interacting with people just like yourself.
What we've done so far
Inspired by a blooming Peer-to-Peer car rental industry in Europe and other sharing economy services like AirBnb and Uber, Henrik Stovring started creating MyCarYourRental (“MCYR”) in 2015.
On December 14 2015 the first car was rented out via our site. A beautiful Nissan Vannette from 2008. Since then, more than 429 Kiwis have successfully rented out their cars with our service and the number is growing.
Success & future opportunities
The goal for the end of 2016 was to have 250 cars registered. On 1 of January 2017 we had more than 550 cars registered. It was a huge success for us, which means that we’re confident that we’re doing something right. It also shows us that there is room for Peer to Peer car rental in the New Zealand market - we take that as invitation to keep working on our concept.
Our key focus is to provide the best possible platform for kiwis to share their cars. The first step is to run a successful crowdfunding campaign and use that momentum to up-scale our marketing and PR initiatives. At the same time we will constantly be developing our service with help and inputs from our users to give the ultimate user experience for the MyCarYourRental community.
The future opportunities for Peer to Peer carsharing are endless.
Risks and Challenges
UpdatesHey! Thanks for checking out this project. We haven't made any updates yet, follow us if you want to be notified when we do.
|Maximum Shares Offered||800,000|
Explanation of valuation:
We have valued the company at $2,400,000. This value is based on third year EBITDA of $792,000 (from our medium budget) times a 3* multiple, which we believe is a conservative estimate compared with other businesses operating in this area.
|Prev Year||Current Year||Est. FY 2019||Est. FY 2020|
Company Name: You Share Limited
Company Number: 569142
|Henrik Stovring||Founder & CEO||https://www.companiesoffice.govt.nz/companies/app/ui/pages/companies/5691428/directors||✔|
Ask a Question (You must login to ask a question)
In terms of the negative shareholder equity, how is this made up? You mention startup funds, was this in debt, F&F, your own funds?Posted on 04-05-2017 by Wade
Thanks for your interest in my campaign and the question.
The start-up funds mainly comes from own introduced funds. Basically from sales of house etc. So, I personally invested a lot to get it to the stage where it is at now.
I hope this answers your question, please feel free to reach out if there is more I can do for you.
Does it mean we can expect to get 11.1% to 25% dividend depends on the amount of equity raised?Posted on 04-05-2017 by Michael
Thanks for the question.
No, these percentage numbers are the number of shares that will be owned by the crowd. Any future dividends will be 100% equal to the founder shares when it comes to dividends, meaning that it doesn't matter if you have 1000 or 800.000 shares then you will get dividends on whatever proportion of shares you have. Of cause, if you own 800.000 shares you could say that you would get 25% of any dividends paid out.
Hope it makes sense, else feel free to contact me or PledgeMe for further clarification.
Have a great weekend!
Can you please provide a reconciliation between the projected EBITDA and Net Profit?
Sorry about the long wait for a reply to your question! I had to consult with Isaac from RightWay as I, due to your question, realised that I had an error in the posted offer document.
To answer your question, the reconciliation between EBITDA and Net Profit is the interest that is added as mentioned under facts and assumptions in the offer document.
I have updated the Financial Table on the Details page to reflect the change.
There is no depreciation as that material assets that can be depreciated is primary the vehicles that are rented out and they aren't owned by us, but the private people using the site. Net interest income over the next three years is +$9,784 in year 1, +$4,601 in year 2 and +$15,670 in year 3. There is no income tax expense as the losses from previous years will be carried over to offset the tax payable on year 3 profit.
Let me know if I can do anything further to help!
HenrikAnswered on 09-05-2017 by Henrik Stovring
When did the FY start for 'Current Year' financials?
If April 1, 2017, then please make it clear this is an estimate as you are a month in.
How come there is no general voting rights attached to these shares? Voting rights is a good idea if you want to be genuinely inclusive. I understand that there is a trust system going on as well to ensure you always have majority control. How will we, as the users/owners determine the future of the company we own?Posted on 05-05-2017 by Patrick Murphy
Thanks for your question!
The reason behind the non voting shares is, as you mention yourself, that the power to make decisions stays within the administration of the business. The decision to make the shares offered via this offer non voting is something that we've discussed a lot in the process. As I consider my platform to be very open and we're always open to input you will widely be able to impact what direction we are heading. What we didn't want to happen was to end up in an situation where a large single investor have the option to be able get control of what we do. This is the exactly same reason that we are going crowd funding instead of traditional funding - we want to me able to listen to our users and honor them for the great input we get so we can build something that is even better than what we are doing today :)
I hope this answers your question, else feel free to reach out again!
I would suggest that you study the offer and the business model and based on this you can make your pledge to support us. I can see you are active in the way you post into crowdfunding platforms (https://goo.gl/54UoUE), making me a bit unsure what your real intentions around your question is.
Please get in contact with me on 021 905 007 should you have further questions or comments.
Followers of MyCarYourRental
Kiran Reddy Balasani2017-05-04 20:05:30 UTC
Kiran Reddy Balasani has pledged on 4 campaigns
“All the very best for the team, way to go....”
Vick Sharma2017-05-04 20:04:39 UTC
Vick Sharma has pledged on 2 campaigns
Jose Miguel2017-05-04 19:44:07 UTC
Jose Miguel has pledged on 2 campaigns
“The best of luck guys. You are doing an amazing job.”
Vishal Karumuri2017-05-04 09:22:33 UTC
Vishal Karumuri has pledged on 2 campaigns
Equity crowdfunding is risky.
Issuers using this facility include new or rapidly growing ventures. Investment in these types of business is very speculative and carries high risks.
You may lose your entire investment, and must be in a position to bear this risk without undue hardship.
New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.
The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.
Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.