Ryde Raises $1.5M in Seed Funding

rydeRyde, a Singapore-based carpool app, raised $1.5m in seed funding.

Backers included strategic angel and private investors.

The company plans to use the funds to scale its application for expansion into overseas markets.

Founded by Terence Zou, a Harvard Business School graduate, Ryde uses GPS technology and a proprietary algorithm to match drivers to riders. Launched in April 2015, the company has grown to more than 10,000 active users to date.
Apart from individual riders and drivers, Ryde, which is a social enterprise certified by the Singapore Centre of Social Enterprise, has reached out to companies and over 20 organisations, including DBS Bank, Standard Chartered Bank, as well as tertiary institutions such as NUS and NTU, have promoted the company’s carpooling service to their staff and student communities.

FinSMEs

20/11/2015

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