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STEARCLEAR Closes Initial Funding of $500,000Accelerant Capital Partners Contributes to Seed Round for Designated Driver Service (April 09, 2012)
WYCKOFF, NJ -- (Marketwire) -- 04/09/12 -- STEARCLEAR, developer of a new GPS-enabled designated driver service for smartphones, announced its first round of funding. The company raised more than $500,000 from Accelerant Capital Partners and its founders to fast track its product development and franchise opportunities. Started in November 2011 by Craig Sher, Ken Schwartz and Harjinder Sidhu, the team sought to address the 12,000 DUI-related deaths and 900,000 DUI/DWI arrests that occur each year in the U.S. STEARCLEAR is currently beta testing its services and growing franchises in Northern New Jersey.
STEARCLEAR's designated driver service uses sophisticated GPS technology to connect customers with professional drive teams through a mobile app on the iPhone and Android platforms. Drive teams respond to a customer pickup request in a reverse auction, bidding by arrival time. The customer can view the drive team, see their user ratings and select the one that they like best. The drive teams take the customer in his/her own vehicle, making sure they and their cars get home safely. All ordering, payment and communication take place on the mobile phone. The application is currently available for the iPhone through Apple iTunes and as an Android app on Google Play.
"We saw an opportunity to create a business that could serve our local communities by reducing the risk and number of impaired drivers on the road. Previous attempts have failed due to difficulties in scaling a driver-based business model," said Craig Sher, CEO and founder of STEARCLEAR. "We have developed an efficient way to deliver these critical services nationwide and a business model that allows them to be managed by local operators that have a vested interest in their community."
The STEARCLEAR management team took the lessons it learned from developing high-volume transaction systems in the financial services industry and combined them with GPS technology to deliver a complete solution through a smartphone application. In doing so, they automated the dispatch, tracking, payment and management of the service. The company plans to expand the footprint of its services by offering franchise opportunities across the U.S. and internationally.
"I have always been interested in businesses that have a way of closing the 'last mile' of service to the consumer," said Harjinder Sidhu, Chief Financial Officer and founder of STEARCLEAR. "By using technology to automate key processes, STEARCLEAR has kept costs down in scaling their service. In addition, the company is creating opportunities for others to profit by owning their own businesses, while keeping their communities safe from impaired and drunk drivers."
Accelerant Capital Partners was formed in 2007 and invests in opportunities in the hospitality, mining, mining services, healthcare and technology sectors. More information about STEARCLEAR can be found at www.stearclear.com.
STEARCLEAR is a technology company dedicated to providing "last mile" services to consumers and businesses using smartphone applications and sophisticated GPS technology. Its flagship designated driver service provides customers with one-touch access to local driver teams that pick them up and get them and their car home safely and responsibly. STEARCLEAR franchise opportunities are available across in North America, EMEA, Australia and South Africa. More information can be found at www.stearclear.com.
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