RideCo lands $20M for transit tech development - PhocusWire

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RideCo, an on-demand transit technology company, as raised $20 million in Series A funding.

Eclipse Ventures led the investment in the Canada-based company, which was set up to help simplify transit challenges.

The company’s platform has provided services in cities including Houston, Las Vegas and Los Angeles since its launch in 2015.

RideCo says it is “By moving more people in fewer but more productive vehicles, we are catalyzing a generational shift in how people get around cities and towns.’

It adds that its technology helps commuters get around quicker, increases efficiency for transit operators and eases traffic congestion.

The company plans to the funding towards further growth and product engineering innovation.

Prem Gururajan, co-founder and CEO of RideCo, says: “I am excited to partner with Eclipse Ventures and Seth Winterroth in our journey to make transit more convenient, cost-effective, and sustainable.”

Seth Winterroth, partner, Eclipse Ventures, says: “We seek out visionary companies that are transforming core physical industries and technologies that improve how people and goods move. The last two years have seen a fundamental shift in the ways in which transit operates within cities, and has exposed a number of inefficiencies, outdated systems, and pain points that simply don't need to exist.

"The RideCo team has achieved an engineering and technological marvel by streamlining highly complex transit systems to bring immediate benefits for agencies and riders.”

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