Hebron Sher founded Zevo, a peer-to-peer car-sharing platform specializing in electric vehicles, after becoming disillusioned with Elon Musk's unfulfilled promise of Tesla robotaxis. Launched in 2021 with co-founder Saimah Chaudhry, Zevo offers a unique approach by rejecting large VC funding, allowing it to operate under a sustainable model. The Dallas-based startup raised $6 million in funding and boasts over $8 million in annualized recurring revenue, with a high demand driven by gig workers. Zevo has grown rapidly, acquiring a wait list of over 3,500 customers with minimal marketing.
"It's gonna sound crazy, but the secret sauce is not raising hundreds and hundreds of millions of dollars to build something that can be a powerful marketplace," Sher said.
"Hey, we're just going to do this ourselves," he thought at the time, after being disappointed by Musk's unmet promises.
Sher revealed that Zevo has a wait list of more than 3,500 customers, largely without any marketing efforts.
Some 90% of people using Zevo to rent an EV are doing so to ferry passengers on Uber or Lyft, or make DoorDash deliveries.
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