Australian car subscription company Carbar has closed a $28.9 million funding round led by it majority owner IAG and new backer Seven West Media, as it bets on demand for Tesla and other electric cars, and a branding push, to accelerate its growth.

Carbar has been around since 2018 as a local pioneer of a model that looks to shift car ownership into the Netflix and software-as-a-service subscription era, with individual and corporate customers paying weekly fees for vehicles and losing the hassle of rego, insurance, maintenance and depreciation.