Seattle startup Record360 has raised about $1.5 million as the company builds a mobile app to let you document the condition of things like rental cars at the time of exchange.
The company, founded by Enterprise Rent-A-Car veteran Shane Skinner in 2013, released its first version of the app in June. Already, Skinner says it has thousands of users and has assisted hundreds of thousands of transactions.
The iPhone and Android app is built for anyone lending or receiving expensive things, from an Airbnb property owner to movers loading up a truck.
Users take photos or video of the items, tapping the screen to highlight existing damage. Record360 then acts as an independent third party to store the images, complete with location and time stamps.
If there’s ever a damage dispute, Record360 is there holding the proof to show who’s on the hook.
Skinner says the idea first came from his days managing the finances side of Enterprise. Everywhere he went, he noticed an issue with the paper documents the company was using to document damage.
Enterprise couldn’t prove damage was new in many cases, and customers were unhappy whenever it could.
“We were losing a ton of money,” Skinner said.
As the sharing economy takes off, he expects more and more people to need a reliable way to document these kinds of transactions.
The service is free for consumers to use, and is a monthly subscription service for businesses. Skinner says several “high profile” clients are already in the pipeline to get signed up.
The company raised about $200,000 from friends and family to get started, and then set out to raise another $800,000 this year. But the round was so oversubscribed, Skinner said they ended up taking in about $1.5 million.
The round was led by the Alliance of Angels, with participation from a group of Bellingham angel investors, among others.