RideCO, a Waterloo, ON, Canada-based on-demand transit technology company, raised $20M in Series A funding.
The round was led by Eclipse Ventures.
The company intends to use the funds to further accelerate its growth and innovation in product engineering and customer support.
Led by CEO Prem Gururajan, RideCO aims to make transit convenient to ride and cost effective to operate. It partners with public transportation agencies, municipalities, and local fleet operators to design and operate on-demand transit services that alleviate travel pain points for riders – such as long travel times, lengthy walking distances, and low service frequency – as well as for agencies – such as high costs per ride, low productivity, and challenges attracting net new riders to transit systems. RideCo’s innovative software has powered more than 60 services throughout cities worldwide and has leading market share among the largest cities in both the United States and Canada.