Ardmore Entrepreneur Opts for Mixed Approach in Funding for Go Startup

By
Michael Beauchamp
Image via Technica.lly.
Michael Beauchamp, founder of car subscription startup Go.

Michael Beauchamp, founder of car subscription startup Go, took a mixed approach to early financing, writes Paige Gross for the Technica.lly.

Go functions as a car ownership alternative. It allows users to pay a subscription fee for a car instead of buying or leasing it.

So when he launched the service in 2020, he knew that the company would need inventory. He managed to raise $41 million last fall by taking on $38 million of debt along with $3.25 million of equity capital.

“Our model was very specific in that we had to raise equity for operations and debt equity to purchase the vehicles,” said Beauchamp. “I’ve been telling investors lately, I’m envious of companies raising solely equity.”

He also believes that starting a SaaS company would have been more straightforward, but he felt that software was not the right solution to revolutionizing the car user process.

“We have to be asset-heavy,” he said. “But we don’t have the infrastructure in locations to worry about.”

The company is now planning to raise an $18 million Series A round that will focus on its growth.

Read more about Ardmore entrepreneur Michael Beauchamp and the car subscription startup Go in the Technica.lly.

Advertisement