• Target

    £1,000,000

  • Type

    Equity

  • Close Date

    Jan 31 2019

  • Status

    Live

RISK WARNING: Your capital is at risk. The risks include: the lack of liquidity in this market in terms of being able to realise investments and the loss of the value of investment. When you invest any loss in value will not be covered by the Financial Services Compensation Scheme. Please read FULL risk warning.

Bidworld Group Limited

A to B for a set fee

Bidcar logo

Investment closes only once the total pledged amount passes the minimum of £600,000

Total Pledged: £5,000
Max

£1,000,000

A pledge is not a commitment. You will be asked to confirm in the next section.

Track
Contact
Companies
House
Twitter

Overview


BiDCAR London will revolutionise the way a private hire vehicle is booked in London, starting on a ride-now basis, with a pre-booked version soon to follow. BiDCAR will bring together all vehicle types. This includes, the standard car, the iconic London Black Taxi, MPVs and luxury cars.


 


BiDCAR is designed to offer both customers and drivers a compelling proposition versus Uber, MyTaxi and other ride hailing apps. There are a number of core selling features:


A to B for a set fee


All vehicle types


Ability to tip drivers


Guardian feature


Lower commission / better value


Charitable donations on a regular basis


To provide drivers an alternative revenue stream to use alongside existing work to maximize their earnings


 Offering customers, a compelling reason to download and use the app instead of Uber is critical – and at the heart of our proposition. We have designed BiDCAR to be simple to use, providing A to B for an agreed great value fee with a lower commission rate for drivers.


 The UKs private hire vehicle market is worth £9b.[1] The Department for Transport figures suggest that London specifically accounts for about 1/3 of the national trade.[2]  Within the London market, as of June 2017, there are 117,712 licensed private hire vehicle drivers, up from 59,191 in 2010.[3]



 


Our marketing strategy has two objectives –


 Get drivers to sign up and be ready to bid for fares on the app.


 Get passengers to download and use the app.


The BiDCAR app can be demonstrated under test flight mode and has already been approved by leading app stores. We expect to launch within 3-4 months of completing this funding round, securing in excess of 1,000 drivers and completing beta testing


We are raising £1M in equity [1] funding. Funds will be used to complete the A/B testing of the app, fund installation of the Base Station in our City Office where our admin team will provide full support to our driver recruitment department to ensure we are fully TFL compliant. It will also drive marketing towards passenger and driver downloads of the app.


We would expect BiDCAR London Ltd to generate £1.6m in revenue in year 1, growing to £13m by year 3.


Videos illustrating the application are at 
www.bidcarvideos.com

Deal Manager avatar

Deal Manager
Nuno Barroso

  • Sector: Technology / IT / Software
  • Region: UK: London
  • Stage: Pre-revenue start-up, under £200k invested to date
  • Eligible Tax: EIS and SEIS
  • Board Requirement:
  • Pre Money Valuation: £5,660,000
This section is currently locked.
Please Sign Up or Log In to unlock.

Team

This section is currently locked.
Please Sign Up or Log In to unlock.

Market

This section is currently locked.
Please Sign Up or Log In to unlock.

Investment

This section is currently locked.
Please Sign Up or Log In to unlock.

Discussions

This section is currently locked.
Please Sign Up or Log In to unlock.

Deal documents

This section is currently locked.
Please Sign Up or Log In to unlock.