# SwapDrive

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/swapdrive

- Industry: Hardware
- Headquarters: Washington, US
- Website: www.swapdrive.com
- Total disclosed funding: $8.3M
- Latest round: Series A (May 1, 2002)
- Investors on record: 3

## About

SwapDrive is a car subscription service that offers users flexible access to a diverse range of vehicles without the financial burdens of ownership, focusing on convenience and adaptability.SwapDrive operates as a car subscription service, providing customers with flexible access to a variety of vehicles. The company is headquartered in Washington, US. In June 2008, Symantec Corp acquired SwapDrive for USD 123 mn. The company does not have known subsidiaries or parent companies and has not publicly disclosed any pivots in its business strategy. There is no mention of the founder or CEO in the provided information.SwapDrive offers a unique car subscription service that provides customers with access to a wide range of vehicles without the burdens typically associated with ownership, such as down payments, interest costs, and sales taxes. The core product is a subscription model that allows users to select vehicles that align with their lifestyle and budget. This model includes services such as insurance, roadside assistance, vehicle maintenance, and concierge services all bundled into a single monthly fee. The service caters to both personal and business needs, allowing customers to swap vehicles without penalty and enhancing the subscription experience for modern consumers.SwapDrive generates revenue through its subscription-based model, where customers pay a fixed monthly fee for vehicle access and associated services. This structure ensures a steady income as clients often commit to plans that last six months or longer. Customers' monthly payments cover the vehicle and additional services like maintenance and insurance, facilitating a seamless automotive experience. The company's financial transactions are primarily B2C, with individual consumers subscribing directly to their vehicles, allowing for customization in payment plans to align with budgetary needs.The most recent deal involving SwapDrive occurred in June 2008, when Symantec Corp acquired the company for USD 123 mn. While specific future product launches or geographic expansions were not provided, the acquisition suggests potential strategies for growth under Symantec's portfolio. Further details on how this acquisition may influence SwapDrive's strategies and initiatives were not disclosed.

## Funding rounds

- Series A, May 1, 2002, $2.7M — Core Capital Partners
- Series A, May 1, 2001, $2M — Contour Venture Partners, ASAP Ventures
- Series A, Feb 6, 2001, $2.6M — Core Capital Partners
- Series A, May 23, 2000, $1M — Core Capital Partners

## Investors

- Core Capital Partners — Series A
- Contour Venture Partners (https://capitalatlas.ai/funds/contour-venture-partners) — Series A
- ASAP Ventures (https://capitalatlas.ai/funds/asap-ventures) — Series A