Local Start-Up RYDE Raises $1.5 Million in Seed Round Funding

SINGAPORE - Media OutReach - Nov 20, 2015 - RYDE, Singapore's largest carpool app, announced today that it has raised $1.5 million in seed round funding from strategic angel and private investors. The company plans to use the funding to scale its application for expansion into overseas markets.  

RYDE was founded by Terence Zou, a Harvard Business School graduate, who observed that the commuting and road congestion problems in Singapore can be solved by reaching out to private drivers. By using GPS technology and a proprietary algorithm to match drivers to riders, RYDE offers a carpooling service to improve Singapore's commuting problem while promoting sustainable mobility.

Since RYDE was launched in April this year, the company has been gaining traction connecting drivers with riders with its carpooling app. RYDE has grown rapidly to more than 10,000 active users to date. Besides helping users save costs, RYDE provides a platform to meet new people and presents a more sustainable commute option.

Terence, Founder and CEO of RYDE Technologies, says, "We are part of the sharing economy. We allow people access to a car without the need to own one. We help solve a pressing problem today by optimizing resources. We fill empty seats, build communities and reduce congestion. We seek to be the Airbnb of transportation."  

Apart from individual riders and drivers, RYDE has successfully reached out to companies that support RYDE's sustainability message to reduce our carbon footprint. Over 20 organisations, including DBS Bank, Standard Chartered Bank, as well as tertiary institutions such as NUS and NTU, have promoted RYDE's idea of carpooling to their staff and student communities.

Partnering RYDE in building this sharing economy is 300-year-old UK insurer, Aviva. "Aviva is happy to work with RYDE to promote a more eco-friendly alternative while forging a closer community." said Pan Jing Long, Head of General Insurance from Aviva.

RYDE is a social enterprise certified by the Singapore Centre of Social Enterprise. RYDE was also one of the first companies to be featured under DBS Bank's Asia-for-Good programme as an emerging social enterprise. For more information, please visit www.RYDESHARING.com.

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