News Summary

Zevo, a Dallas-based startup focusing exclusively on electric vehicles for peer-to-peer car-sharing, has successfully raised $6 million in funding and is expanding to more U.S. cities. Founded by Hebron Sher and co-founder Saimah Chaudhry, the company aims to provide a lucrative platform for vehicle owners and affordable rentals for users, primarily targeting gig workers. Zevo’s unique approach includes a contactless process facilitated by the technological capabilities of EVs, allowing seamless integration with smartphone apps. The service has attracted significant interest, with a waitlist of over 3,500 customers and an annualized recurring revenue (ARR) of over $8 million. The startup’s model enables hosts to earn back a substantial portion of their car’s cost within a year. While Tesla nears the launch of its robotaxi service, Sher remains confident in Zevo’s potential to achieve $100 million ARR with minimal investment.