Secures $250,000 in Funding
Start-up Allows Weekend Warriors to Live Large
REDWOOD CITY, CA – August 12, 2013 – (Motor Sports Newswire) – PhoRent today announced the public beta of its online peer-to-peer rental marketplace for powersports vehicles including ATVs/UTVs, 5th Wheel trailers, jet skis, motorcycles, mopeds, golf carts, etc. PhoRent is also currently rolling out a rental category for non-motorized vehicles and gear like bicycles, tents, BBQs and other items. The service provides the opportunity for private individuals to defray their costs-of-ownership or just make some extra cash, by renting out their equipment when not in use, while being 100 percent protected under PhoRent’s Rental Protection Program. To help populate the site, PhoRent is sponsoring a Baja Adventure contest for the next 90 days. Details are below.
PhoRent also announced it has secured $250,000 from angel investors, led by VC Mark Wan. The funds will be used to develop PhoRent partnerships, and to drive market awareness for the service. The company already boasts a 2nd place win from the 2013 National Startup Conference earlier this year.
PhoRent enables renters to find great deals on power sport vehicles and equipment by dealing direct with private owners in proximity to where they reside or vacation. The recession has taken its toll on U.S. Powersports Sales. From 2006 to 2011, motorcycle sales in the U.S. have experienced a 57 percent decrease in annual sales, according to data from a recent report released by the Powersports Business/Motorcycle Industry Council. U.S. ATV sales saw its biggest drop from 2007 to 2008, and still hasn’t recovered, according to the report. Powersports enthusiasts haven’t gone away, they just can’t afford the cost of ownership. PhoRent’s new service offers a win-win for powersports vehicle owners and wanna-be owners.
“PhoRent is committed to providing a secure, hassle-free rental experience where the average income recreation enthusiast can ‘live large’ by getting the best value on rentals,” said Josh Jermaine, founder of PhoRent. “Everything we do at PhoRent, from our rental protection program to the rental transaction itself, has been designed with this in mind.”
PhoRent’s Rental Protection Program (RPP) is included in every rental and covers liability and damages, so everyone can rest easy. Only PhoRent has a direct and vertically integrated Fortune 500 insurance carrier which means that, in the event that you need it, PhoRent’s insurance claim process is easy, secure and hassle-free. Both renters and owners are automatically insured for damage and liability and do not require any offline certification process be completed before a vehicle or boat can be rented.
How it Works
- List by uploading a photo and description of item to be rented on the PhoRent website.
- Owners are notified of any rental requests and can then review and approve requests.
- Contact the renter to arrange pick-up via the PhoRent Message Center.
- Meet the renter to temporarily hand over your item.
- The Renter returns the item. Take a photo and upload to the PhoRent website to confirm the item has been returned.
- Search and find the item you want.
- Reserve the item.
- Contact the owner via the Message Center to arrange pick-up.
- Pick up the item from the Owner. Take a photo to activate your rental on PhoRent’s mobile website.
- Return the item to the owner.
“PhoRent does peer to peer renting very differently with their ability to go beyond just one or two categories, and the game-changing insurance partnership that protects every renter is unlike anything the industry has seen,” said Mark Wan, PhoRent investor and founding Partner of Three Arch Partners. “I am involved with this company because I believe the execution and ability to scale in any direction is what will set PhoRent apart from the competition.”
Baja Adventure Contest Details
Over the next 90 days, for each listing posted to the website, owners will have their name entered into a drawing for a chance to win a one day off-road driving experience for 2 behind the wheel of a $100K Baja Challenge Race Car at the Reno-Tahoe Motorplex, one of the most-famed off-road races. Owners get an additional chance to win each time they post a new listing. One entry per listing. Listing and entry details are on the PhoRent website. The code to enter the contest is “ATVVEGAS”.
PhoRent is a Peer-to-Peer company at its core, and believes that allowing individuals to make money on renting out items they already own, coupled with the Rental Protection Program, is a recipe for success. Headquartered in San Mateo, PhoRent can be found online at www.phorent.com.