I recently had a chance to sit down for an interview with eCarra CEO, Rock Robinson. eCarra is an all-electric luxury riding sharing service we invested in last year.
2020 was a busy year for Rock Robinson and his team at eCarra so we decided to see what they have been up to, here’s what Rock had to say:
2020 crushed all of our runway and forced us back to bootstrapping. We spent that time internally working as a team holding our business together for our shareholders and members. We took the year to improve our software bill pipeline for post Covid roll out and identify verticals in our market to increase our value proposition.
We raised $200,000 between 88 investors. We only expected $107,000, and we learned to overvalue our company rather than under value it. Our valuation was much too low on our offering.
Most companies are now starting with a 40 million dollar valuation in the electric rideshare space and they have no software or technology to offer, we do.
2020 has shown great promise. Currently, we’ve increased growth 147% over the quarter.
Concerning our projections for 2021 our first goal is to get to a $100,000 MRR. We are raising to help get to this goal as fast as possible in this new post Covid climate. If we can fund this we will be cash positive in less than 12 months.
Again I would like to share there are some distinct differences between eCarra and Uber, and the Lyft business model. Uber has a goal to have transportation like running water. We do not, our goal is to reduce emissions and help utilize electric vehicles.
We know that these electric vehicles are 20 to 25 year assets that will generate revenue in that time period.
The deeper we can get connected with the emerging electric market the larger or better opportunity we have to capture market share.
We look forward to hearing more about this up-and-coming company later this year.