RideCo, a Canadian company offering cities on-demand transit tech, closed a $15.8 million (CAD $20 million) Series A round. The fresh capital will be put toward further development of its product, which will involve substantially growing its engineering team, as well as its customer service, sales and marketing teams, according to Prem Gururajan, co-founder and CEO of RideCo.
The company, whose biggest competitor is Via, runs a software-as-a-service business model. Similar to Via — which also provides transit planning tech from its acquisition of Remix — RideCo provides transit agencies and fleet operators with the underlying software and app so that they can, in turn, provide on-demand transit options to cities, RideCo’s biggest customer. RideCo also provides the service to corporations looking for a dynamic way to shuttle employees.
Have more mobility news that we should be reading and sharing? Let us know! Reach out to Sage Kashner (kashner@ctaa.org).
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