Kyyba Innovations in Farmington Hills, a company that makes investments in startups, Tuesday announced it has invested in Carma Car, a vehicle subscriptions company in Detroit.
“Car subscriptions concept is a low-commitment way to get behind the wheel of new or late-model cars; a disruptive way to access a vehicle by ordering it via smartphone app at a fixed cost,” says Tel Ganesan, managing director of Kyyba Innovations. “It is a great deal for people who want a shorter-term commitment, and it is a fairly compelling value proposition.”
Carma Car is a monthly service that allows members to drive any of its cars as long as they want, with insurance, maintenance, and roadside assistance included for free.
“Carma continues to build the future of driving with a technology platform for vehicle subscriptions, and the investment and industry connections provided by Kyyba Innovations will help accelerate our growth,” says Azarias Reda, CEO of Carma Car.
“We are excited to work with the Kyyba Innovations team and look forward to collaborating with the KI team in growing Carma to become the standard in vehicle subscription technology. We’d like to welcome Kyyba Innovations to our growing list of investors and supporters.”