Sky News has learnt that Karshare, which was set up in 2016 by Andy Hibbert, has appointed Azets, the accountancy firm, as administrator after running out of funding.

The company was initially focused on airport car rental, and raised funding from investors including Mr Wray and Founders Factory.

It also secured money through a crowdfunding campaign on the Seedrs platform.

Karshare saw its revenues decimated by the pandemic's impact on international travel, and pivoted to become a peer-to-peer vehicle-sharing platform in the belief that it could replicate Airbnb's model in short-term holiday rentals.

In total, it had facilitated roughly 20,000 journeys since the beginning of 2021, raising approximately £10m since its launch.

The company traded in UK cities including Bristol, London and Manchester.

Mr Hibbert told Sky News: "Facing into unforeseen headwinds requires investment - a necessary oxygen providing time to push through.

"Investor sentiment remained cautious given continued uncertainties, and these extended to Karshare where the increased cost of living lowered rental demand.

"I would like to thank everyone who has backed and supported Karshare over the years, who believed in the idea, and inspired us to succeed, and a special thanks to the Karshare team and partners who worked so hard to make it possible."