The name Karmo was inspired by the Kamo River in Japan, rivers are known for their ability to adapt and forge new paths. That idea of constant evolution is central to how we operate.
Sometimes the best business ideas come from living the problem yourself. For Nick Boucher, founder of Karmo, it was the simple realization that everyone should have the same freedom he enjoyed as a car dealership manager, the excitement of driving different vehicles without being tied down to just one.
Today, that insight has transformed into a car subscription provider with over 10,000 customers, $39 million in annual revenue, and 675% growth over 36 months. But Nick’s journey from the showroom floor to tech entrepreneur reveals lessons that go far beyond the automotive industry.
The curiosity that started everything
Nick’s entrepreneurial story begins with a simple trait that many successful founders share: genuine curiosity about people and their problems. “I’ve always been curious about people, what makes them tick, what they need, and how I can help,” Nick explains. “That natural curiosity led me into sales, and eventually opened the door to the automotive industry.”
Starting at the bottom rung of a dealership, Nick wasn’t content to just sell cars: he was hungry to understand the entire ecosystem. “I listened, I asked questions, I paid attention to what worked and what didn’t,” he recalls. This obsessive attention to detail would serve him well, as he climbed from junior sales to becoming one of the youngest general managers in the industry.
But it was during his nearly two decades in dealerships that Nick spotted the fundamental shift that would become Karmo’s foundation. “Customers were no longer loyal to one brand or model, they were changing things up more often, looking for flexibility that traditional car ownership just doesn’t provide.”
The irony wasn’t lost on him. “One of the perks of the job was always having access to a new car, and who wouldn’t love that! There was something exciting about getting behind the wheel of different vehicles without being tied down to just one. That experience stuck with me. I kept thinking why shouldn’t everyone have that same freedom?”
The spark that would eventually become Karmo came from an unexpected conversation in 2016. Nick was talking to his wife’s cousin about his new job at Uber, trying to sell him cars when the cousin said something that would change everything: “We don’t buy cars, we get people to use them.”
“That simple concept struck a chord,” Nick remembers. It led to co-setting up Keyz, a rideshare rental business, while still managing two large dealerships. “I’d spent nearly two decades in traditional automotive retail, but it was the new venture that really started to excite me.”
That early experience gave Nick crucial insights into customers who valued access over ownership, a revelation that would shape Karmo’s entire strategy when he launched it in 2019.
Building around customers, not cars
Unlike some startups, we didn’t begin with a big cheque. We had to be careful with every dollar and make smart, sustainable decisions
One of Karmo’s biggest early decisions demonstrates the importance of staying close to your market and being willing to pivot when you spot a bigger opportunity. “When I launched Karmo in 2019, one of our biggest early decisions was to pivot from serving rideshare drivers to the broader public,” Nick explains. “We realised this new way to have a car wasn’t just for gig workers, it could benefit anyone who didn’t want the hassle of ownership or buying a car through a dealer but still needed a car that adapted to their lifestyle.”
This wasn’t just a minor adjustment: it was a complete market expansion that “massively expanded our market and opened up new growth opportunities.”
While many startups focus on building technology for technology’s sake, Nick’s approach was refreshingly customer-centric. Over several years, Karmo invested over $4 million into building proprietary software, but with a crucial difference. “Most car rental systems are built around the car, we built ours around the customer,” Nick notes. “That’s been a game-changer in helping us scale quickly and improve service at every step.”
This customer-first approach to technology has enabled Karmo to offer over 230 models across 120+ car lines from 30+ brands: a selection that continues growing weekly toward their goal of 300+ models.
Perhaps one of the most valuable lessons from Nick’s journey is how Karmo achieved profitability in a notoriously capital-intensive industry. Unlike many startups that burn through venture capital, Karmo took a different approach. “Unlike some startups, we didn’t begin with a big cheque. We had to be careful with every dollar and make smart, sustainable decisions,” Nick explains. His philosophy? “You earn a certain gross percentage from every dollar in revenue, but you keep 100 per cent of every dollar you save.”
This resourceful mindset helped build “a lean, efficient business that has been profitable, something we’re really proud of in a category where that’s rare.”
The power of knowing what you don’t know
Nick’s honesty about his own learning curve offers another crucial lesson for founders transitioning from traditional industries to tech-enabled businesses. “Coming from a background in car sales, I entered this world with a lot to learn. Having a strong chairman and an experienced board has been invaluable for my own development and for shaping the business strategically.”
The team he’s assembled reflects this commitment to complementary expertise. His co-founder Sam Zammit, who joined in 2021, brings strategic thinking and product vision. COO Andrew Rickett and Chief Revenue Officer Laura Harewood came over from the Motopool acquisition, bringing operational excellence and commercial insight. CFO John Bush has been instrumental in structuring major partnerships, including the $138 million debt facility backed by Volkswagen and Toyota’s finance arms.
“We’re now a team of over 70 – and growing – and we make it a priority to listen to our people, especially those on the front line. They’re closest to our customers, and their insights help shape what we build next.”
At its core, Karmo’s success stems from a simple but powerful philosophy. The company name itself was “inspired by the Kamo River in Japan, rivers are known for their ability to adapt and forge new paths. That idea of constant evolution is central to how we operate. We don’t just respond to change, we anticipate it.”
This adaptability has served them well through challenges like COVID-19 supply constraints and the complexities of scaling a new business model. But it’s also what positions them for continued growth in a rapidly evolving mobility landscape.
For Nick, the recent acquisition of Motopool and the major funding from automotive giants represents just the beginning. “In the last 3 years, our team has grown by 4 fold, our revenue is up 510%, and we’ve secured a $138 million debt facility… The exciting thing is we’re only getting started.”
But despite the impressive numbers, Nick’s focus remains firmly on the human element that started it all. “For me, it’s not just about the numbers. It’s about solving real problems for real people, giving Australians access to the right car at the right time, on their own terms.”
Nick Boucher’s journey from car salesman to tech founder offers several crucial lessons for entrepreneurs. Follow your curiosity: deep industry knowledge combined with genuine curiosity about customer problems can reveal massive opportunities that others miss. Live the problem, the most compelling business ideas often come from solving problems you’ve experienced firsthand. Stay close to your market and be willing to pivot when you discover bigger opportunities, but make sure those pivots are grounded in real customer insights.
Build technology around customers, not products. When developing tech solutions, always start with the customer experience and work backward. Master the art of resourceful growth: profitability and sustainability can be competitive advantages, especially in capital-intensive industries. Surround yourself with complementary expertise by acknowledging your knowledge gaps and building a team that fills them. And embrace constant evolution by building adaptability into your company’s DNA from day one.
As Nick puts it: “We’re reimagining how Australians move in a way that’s smarter, simpler and more in tune with how people actually live. And we’re only just getting started.”
In a world where many startups focus on growth at any cost, Karmo’s story proves that combining deep industry expertise, customer obsession, and resourceful execution can build something both profitable and transformative.
