Upshift

Upshift is redefining car ownership for a post-Covid world.

Twenty-six percent of the American workforce works from home. Eighty-three percent of the U.S. population lives in urban areas. The result is 124 million Americans who drive less than 10,000 miles a year. Yet they spend around $10,000 annually on car payments, maintenance, insurance, and parking.

Not anymore. Upshift has created a fractional car leasing service for low mileage drivers. When someone needs a car, they can order one through Upshift, and have it delivered to their home or office in as little as thirty minutes.

Cars arrive clean and with a full tank of gas. And when drivers are done, they simply leave it where it was delivered and Upshift picks it up. The company even provides full-coverage insurance and handles maintenance and repairs.

This new way to drive is striking a chord with customers and investors. Operating in San Francisco so far, Upshift has seen quarterly revenues jump from around $36,000 in Q1 2021, to $100,000 in Q2 2022.

Meanwhile, the company has raised more than $2.4 million from investors, including carmakers and venture capital groups. Notable investors include BMW/MINI, Ford, Third Sphere, Climate Capital, and the co-founder of financial services company NerdWallet.

Upshift offers its vehicles through a monthly subscription service. Along with a $499 one-time activation fee, members can choose from three plans:

• Drive four days per month for $279.

• Drive eight days a month for $479.

• Or drive twelve days a month for $679.

Extra days cost between eighty-nine dollars and $109, depending on which plan a member has. And for forty-nine dollars a month, members can share their plan with someone else, or pause their plan and retain the days.

This business model is how Upshift is targeting the nineteen-billion-dollar market for scarcely-driven vehicles. That includes 3.5 million vehicles in just the top ten U.S. cities that are driven less than 10,000 miles a year.

Following initial success in San Francisco, Upshift is now seeking capital to expand its business. Specifically, it aims to introduce unmanned delivery of vehicles, electric vehicle options, and target the Washington D.C. market. This will begin an extensive roadmap, which includes targeting New York City, Chicago, Boston, Seattle, and Los Angeles.

Team Background

Ayako Hiwasa - Co-Founder

Ayako brings entrepreneurial and consulting experience to Upshift.

He began his career as a consultant for The World Bank, working on the organization’s energy sector program. He helped conduct research into energy-saving products ideal for rural areas.

He then moved on to become a consultant for the Open Institute, a non-profit organization based in Cambodia focused on providing access to education and technology resources to local residents.

Like his co-founder Ezra, Ayako spent time as a mentor at Stanford University, leading a team of students on a mission to develop lighting and water solutions for rural poor in developing countries.

He earned a Bachelor’s degree in Social Science from Ritsumeikan Asia Pacific University and a Master’s degree in Health System Financing from the University of Copenhagen.

Ezra Goldman - Co-Founder & CEO

Ezra has more than 20 years of experience in the shared mobility market.

Prior to starting Upshift, he handled operations for ReachNow, a company managing fleet operations for BMW-produced electric vehicles. Before that, he worked at Stanford University, leading a team of students on developing a solution to improve the driving range of electric vehicles.

Earlier in his career, he spent time as a consultant with EMBARQ, an early-stage research company studying the potential for car-sharing services in emerging markets.

Ezra earned a Bachelor’s degree in Anthropology from Reed College, a Master’s degree in Urban Planning and Design from MIT, and a Ph.D. in Transportation from the University of Copenhagen.

Co-Investors

Urban-X

A venture startup accelerator investing in “disruptive” companies

Urban Us Fund

A VC firm investing in startups addressing issues in big cities