RideCell Secures a $11.7 Million For BMW Car Sharing Service

RideCell, has raised¬†$11.7 million in a Series A round led by BMW i Ventures with the participation of Khosla Ventures and angel investors, including Mark Platshon and Michael Granoff of Maniv Investments, Gokul Rajaram, Mehul Nariyawala and Navneet Dalal. The investment will help the company solidify its leadership in the MaaS space and will be used to grow RideCell’s distinguished client roster, which already includes leading companies like 3M, top transit agencies like the Santa Clara VTA in Silicon Valley, and multi-city mobility providers like BMW. The funding will also help RideCell grow its core engineering, data science, product, marketing, and sales teams.

 

“We are very excited to have BMW as a strategic partner to collaborate on building the future of mobility,” said Aarjav Trivedi, CEO of RideCell. “Our vision is to build tools that allow our customers to run the world better. This is a unique moment in time when every player in the mobility and transportation space faces two back-to-back strategic inflection points. The first is the rise of on-demand services, which has significantly improved convenience and accessibility and has led to a proportional increase in customer demand. Ridesharing services in San Francisco, for example, earn four times more revenue today than the entire taxi market in San Francisco¬†in 2012. Under the hood, this is driven by significant innovations in the models and technology that power transportation services and have so far been well understood only by the top consumer mobility services. RideCell’s founding team were pioneers in consumer mobility and RideCell is now democratizing access to these technical innovations by making them accessible to cities, campuses and mobility providers through its platform.”

Release Courtesy of PR Newswire

 

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Written by the editors, staff and interns of San Francisco Wired.

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