Wheelz

Wheelz, founded in 2011, operated a peer-to-peer car-sharing platform that enabled car owners to lease their vehicles on an hourly or daily basis. The company was established by Jeff Miller and Akhtar Jameel. Miller, who served as the CEO, previously worked at Better Place, an electric vehicle network provider, where he conceived the idea for Wheelz, aiming to improve the efficiency of vehicle utilization given that most cars are parked 95% of the time. Jameel brought technological expertise to the venture, having been the CEO of Mercedes-Benz Research & Development North America.

The company's business model centered on creating a marketplace that connected car owners with individuals needing temporary access to a vehicle. Initially, Wheelz focused its services on university campuses, launching at Stanford University and later expanding to other campuses like UC-Berkeley and USC. This strategy targeted students who either had a car they could rent out for extra cash or needed a car for short-term use. The platform operated through a mobile application, which was a key component of its marketing and service delivery from the start. Revenue was generated by taking a commission from each rental transaction facilitated through the platform.

Wheelz secured a total of $15.7 million in funding over two rounds. A significant Series A funding round in February 2012 brought in $13.7 million, with investors including Zipcar and a firm associated with Ford Motors Chairman, William Clay Ford, Jr. This capital injection enabled the company to expand its team and operations beyond college campuses into urban centers like San Francisco and Los Angeles. In May 2013, Wheelz was acquired by RelayRides, another peer-to-peer car-sharing service, which later rebranded as Turo. The acquisition was aimed at combining talent and technology to accelerate the growth of peer-to-peer car sharing in the United States.

Keywords: peer-to-peer car sharing, car rental marketplace, mobility services, campus car sharing, transportation technology, vehicle sharing platform, RelayRides acquisition, Turo, Jeff Miller, Akhtar Jameel, sharing economy, automotive technology, San Francisco startup, venture capital, on-demand transportation, car leasing, mobile application, Stanford University startup, asset utilization