RideTandem has raised £2.3 million in a funding round led by Blackfinch Ventures, according to a statement issued by the firm. At the same time, Seedrs has listed the securities offering on their platform, enabling smaller investors access to participate in the offering. RideTandem has raised approximately £5 million since its inception.
Other investors beyond Blackfinch and Seedrs are FirstMonday VC and Rainmaking Impact. Existing investors, 1818 Venture Capital, Ascension, and Low Carbon Innovation Fund, also participated in the round.
According to the offering page on Seedrs, 335 investors have participated in the equity investment at a pre-money valuation of £8.3 million. The offering is EIS-qualified, thus providing tax benefits for investors. It is also secondary market approved and part of the Seedrs Nominee structure. It was not immediately clear the percentage of investments coming from Seedrs along with the VC money.
RideTandem is a “mobility as a service” startup. The offering page states that “public transport is broken outside of big cities,” describing it as expensive and unreliable. RideTandem offers a service that partners with local minibus and transport firms which may be reserved on their App.
The passenger mobile app offers live location features for vehicle tracking. The average passenger rides 20 or more times per month, according to the company.
RideTandem claims that its services have helped avoid more than 8,000 metric tonnes of CO2 emissions to date. The average RideTandem vehicle carries more than 20 passengers, compared to 1.14 for the average commuter car.
RideTandem co-founder and CEO Alex Shapland-Howes said it has been an incredible year of growth and they are proud of the impact they are making.
“This new funding will enable us to keep enabling people to get to work and supporting businesses with recruitment and retention, both here in the UK and – for the first time – overseas later this year.”
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