Photo - Volvero
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Volvero

Volvero is an app for sharing vehicles

USA, California
Market: Transport, Blockchain, Artificial Intelligence
Stage of the project: Idea or something is already done

Date of last change: 13.07.2020
Min investment
$  60.000
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Total required
$ 1.200.000
Rating
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Idea

Volvero is an app for sharing vehicles that connects private and institutional owners with those in the need of renting one. The AI integrated into our app, performs checks on driving behaviours, thus reverting scores and useful information to owners.

Current Status

Institutional users (insurance + car dealers)
Hundred of early adopters
15% growth MoM
Strong community (Linkedin 1500+ members)

Market

Our target users are people in the range 20-55 years old that live in urban areas and own a vehicle or need one for moving.
Our typical users fr om the demand side are those in the 20-45 years old: students, expats, young professionals and families with just one car, tourists.
Our typical users, supply-side, are private owners in their 30-55 years, car dealers, corporates, car rentals, families with more than 2 cars.
Among our users, there are people who live in remote and rural areas, wh ere public transport does not exist and alternatives to self-owned vehicles are not feasible. Likewise, for those who live in the outskirts of urban areas, which may be dangerous. In such a scenario our service is particularly appreciated by women and young people that feel threatened and in absence of alternatives, give up and stay at home, thus losing opportunities for attending social events and socialize.

Problem or Opportunity

If we imagine a world with an idealistic mobility system, the first 3 issues that in this scenario have fully been solved are traffic congestion, pollution, and the availability of vehicles. Volvero was born with the goal to tackle these 3 issues, in the real world, with one major weapon: Drive Sharing.
Drive sharing is, of course, sharing economy applied to transportation and mobility, and is based on various trends that have spread in the last decade.
• Millennials, about half of the global population, are not buying cars anymore and because of this the car sales are expected to drop by 30% in the next years;
• 96% of the time cars remain parked, consequentially the cost of maintenance of vehicles is high with respect to usage;
• The production of vehicles is cost and resource extensive.
What Volvero does is to create a reality in which moving and travelling are not solely done by owning a vehicle or using public transportation, but by creating a system in which one can have a car, a motorcycle or even a commercial vehicle, when one needs it for the time they need it.

Solution (product or service)

Volvero is an app in sustainable mobility for sharing vehicles that connects owners with people who need one, saving time and money. Through AI and advanced technologies, we improve quality and security with crystal-clear full insurance coverage. Volvero is easier, safer and more reliable than any other app.

Competitors

Our main global competitors are Turo and Getaround, while there are other small local competitors in the US and EU.
The problem they all are facing is that they are struggling to understand how the market is different across the several locations where they are delivering the service. This lack of grasp prevents them to satisfy users' need, both fr om an owner's and driver's perspective. The consequence of such issue is that they are not able to develop a satisfactory user experience, starting from offering the right insurance policy to every single type of user till to the management of problem-related to the sharing vehicle's service itself. Their business is still full of asymmetric information among users and they are not therefore able to scale up successfully.
We are better because rather than just focusing on the sale of the service itself, we are putting huge effort into solving the issues mentioned above. In particular, embedded in our app there is a software for data collection about users, vehicles and how drivers use the service of Volvero and how they drove the car rented. The software, collect hence the huge amount of data of various kind, which are analyzed by a cloud-based AI. The AI reverts scores and feedbacks, we store them in a DLT wh ere users can see them and evaluate whether or not they want to deal with the person who is trying to rent out their vehicle or, vice-versa, a driver can see how the vehicle performed in the past and if it is a safe and reliable one or not.

Advantages or differentiators

Other than that the great added value is that we can leverage those data for structuring Smart Contracts in term of insurance; we indeed will be able to create real-time and completely bespoke insurance coverage for every user every time he/she is trying to use Volvero app for renting vehicles. Such completeness in delivering the service across the whole value chain, allows us to scale fast since our insurance partners won't have to spend a long time to develop and offer new policies for covering users in every single country but rather we can build and offer an instant and virtually unlimited insurance policy, anytime and anywhere.

Finance

Volvero charges a percentage on every transaction + other minor sources of revenues such as selling space on our App for advertising and premium services linked to the service.

Business model

Marketplace (our iOS and Android app)
The global market opportunity is of $200 billion for 650 million of clients, considering that transportation accounts for 15% of the world GDP and is expected to reach 20% within some years.
The SAM is of 50 million of users:
19 MM in the US
18 MM in the EU
9 MM in Asia
4 MM in MENA

Money will be spent on

Sales & digital marketing
Hiring
R&D & Development

Offer for investor

A strong heterogeneous and intercultural team with international experience.
A capital respective approach.
A fast growing business in the transportation / tech / sharing economy industry

Team or Management

Risks

Cultural gaps
Changes in regulations and legal framework

Incubation/Acceleration programs accomplishment

Impact Hub Milan
Y combinator Startupschool
Start-up Chile
Block.IS & Blockchers (H2020)
The EIT Digital Venture & the EIT climate Kic

Won the competition and other awards

Silver medal at the 4th international entrepreneurship and internet+ competition in Xiamen (China)

Winner at the European Startup Festival in Turin (Italy)

Invention/Patent

Trademark (EU 28)
Design patent
IP over the insurance policy

Photos

Photo 1 - Volvero is an app for sharing vehicles
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video