Car subscription service Go, a year-old startup with a space at Ardmore’s Suburban Square, has raised $41 million to expand its fleet and service area, writes Paige Gross for Technical.ly.
The startup works as an alternative to car ownership. It launched in December and currently operates in Pennsylvania, Delaware, New Jersey, and Florida.
Go allows users to skip the arduous process of visiting car lots, saving for the down payment, and considering future resale value when picking a car, and instead offers them to pay a monthly subscription fee for a vehicle.
In Philadelphia, for example, monthly costs go anywhere from $819 for an X5 BMW to $239 for a Toyota Corolla.
According to founder Michael Beauchamp of the car subscription service, the goal was to create a model that is more flexible than leasing and car ownership.
The funding round was led by Synterra Capital Management. This will allow Go to grow its five-person team and expand into more states.
“We created Go to transform and simplify the experience of getting a car,” Beauchamp said. “This partnership with Synterra will accelerate our growth as we expand to meet customer demand in new markets.”
Read more about Go’s Car Subscription Service in Technical.ly.