HyreCar Files for IPO
HyreCar the CarSharing for ride-hailing companies files for IPO.
HyreCar Inc. HYRE, +0.00% a company that appears to be a hybrid between Uber and Airbnb, is looking to go public, according to a Securities and Exchange Commission filing late Wednesday. HyreCar said it plans to offer 2 million shares, with an added 300,000 for underwriters to cover overallotments, at $5 to $6 apiece, which at the high end would value the company at just over $61 million. HyreCar is a car-sharing platform that lets car owners rent out their idle cars to drivers for ride-hailing services like Uber Technologies Inc. and Lyft Inc. "whose automobiles could not meet the standards imposed by such ride-sharing companies," the company said. HyreCar plans to list under the ticker "HYRE" on the Nasdaq. The company reported revenue of $3.2 million and a net loss of $4.6 million for the year ended Dec. 31, 2017. HyreCar has already raised $5.5 million in venture capital funding, accordign to Crunchbase.