StearClear Closes $600K in Funding
WYCOFF, NJ, Developer of a GPS-enabled designated driver service for smartphones that gets its customers and their cars home safely, announced a new round of $600,000 in funding.
StearClear, developer of a GPS-enabled designated driver service for smartphones that gets its customers and their cars home safely, announced a new round of $600,000 in funding. The company raised more than $1,100,000 since the beginning of 2012. The latest round was lead by Jumpstart, New Jersey's premier angel group and will see Thomas Chisholm and Neil Rosoff, veteran angels, join the StearClear Board of Directors. Craig Sher, Ken Schwartz, Andrew Bares and Harjinder Sidhu founded the StearClear in November 2011, in an effort to combine the latest smartphone and GPS technologies to address the 12,000 DUI-related deaths and 900,000 DUI/DWI arrests that occur each year in the U.S.
"StearClear's business model is a great example of the convergence of technology, process and ingenuity that is bringing innovation and profitability to industries that have relied on mostly manual, inefficient systems," said Mario Casabona, chairman of Jumpstart. "StearClear is the first franchise system that gives entrepreneurs an opportunity to cash in on hyper-local services that have been enabled by smartphone technology."
Jumpstart is a private, member-lead, angel group that invests in early-stage technology companies in the Mid-Atlantic region. Jumpstart is the leading angel group in New Jersey and its members include many successful entrepreneurs, business executives and venture capitalists in the region. Over the past three years, Jumpstart has invested more than $19 million primarily in early-stage companies with significant intellectual property.
"We saw an opportunity to create a business that could serve our local communities by giving impaired customers a safe alternative to get themselves and their cars home safely as well as utilizing technology to scale the service nationally and internationally through franchises," said Craig Sher, CEO and founder of StearClear. "We have developed an efficient way to deliver these critical services nationwide and a business model that allows them to be managed by local operators who have a vested interest in their communities."
StearClear's designated driver service uses a smartphone application to connect customers with local, professional drive teams that take the customer home safely in their own vehicle. StearClear has automated the entire workflow through their iPhone, iPad and Android apps and delivers the service through local franchises. The company has been beta testing the program in Northern New Jersey since April and has more than a thousand customers and several active franchises in the region. The company plans to blanket Northern NJ with franchises by the end of the year and then expand the service regionally and nationally. More information can be found at http://www.stearclear.com.
StearClear is a technology company dedicated to providing "last mile" services to consumers and businesses using smartphone applications and sophisticated GPS technology. Its flagship designated driver service provides customers with one-touch access to local driver teams that pick them up and get them and their car home safely and responsibly. StearClear franchise opportunities are available across in North America, EMEA, Australia and South Africa. More information can be found at http://www.stearclear.com
About Jumpstart NJ Angel Network:
Jumpstart is a private, member-lead, angel group that invests in high growth and early-stage technology companies in the Mid-Atlantic region. As the leading angel group in New Jersey, Jumpstart members include successful entrepreneurs, business executives and venture capitalists in the tri-state area. Jumpstart invests $200,000 to $1Million in a first round in early stage companies and higher amounts in syndication with other angel groups and investors.. Jumpstart has strong relationships with the venture capital community, regional economic development agencies and is active in the national Angel Capital Association. Since 2004, Jumpstart has invested more than $30 million in 42 companies. For more information visit: http://www.jumpstartnj.com
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