'Shark Tank' judge Steve Baxter is backing a startup which lets you rent out your car

Steve Baxter. Supplied

Peer-to-peer car sharing platform Car Next Door managed to woo “Shark Tank” judge Steve Baxter on last night’s show, securing $300,000 in funding.

Founders Will Davies and Dave Trumbull pitched their idea on the show, as a way for Australians to offset the costs of owning a car by renting it out when they’re not using it.

Users list their car on the service’s website, and is essentially aimed at doing to the car hire industry what Uber is doing to the taxi industry.

“Over the last three years, we’ve proven the strength of our car-sharing platform and now we are squarely focused on growth,” said Davies.

“Having Steve on board as an investor and advisor during this pivotal time is a huge win.”

Baxter received a 4% stake in the company for his investment as it looks to grow significantly in the next few years.

“Our existing fleet is made up of over 400 cars. By 2020, we aim to have turned 10,000 ordinary cars, utes, and vans around Australia into shared vehicles,” Davies said.

“The way we travel is changing fast and peer-to-peer car sharing is on the cusp of exponential growth – that’s something I want to be part of,” Baxter said on his investment.

Car Next Door has already received $2.5 million investment from Caltex and a further $1.3 million from venture capitalists in the past six months.

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