Fetii, a group rideshare service tailored for young people, has recently received a $7.35 million seed investment led by Mark Cuban, with participation from Y Combinator and Goodwater Capital. This funding will enable Fetii to expand into new markets and enhance its services.
Fetii was founded to address the lack of affordable and convenient transportation options for groups. Its on-demand service caters to groups of 7 to 14 passengers, offering a cost-efficient and environmentally sustainable alternative to splitting up or using chartered vehicles.
The platform has garnered immense popularity among college students, becoming an integral part of their social lives and events. Fetii’s strategic focus on universities has allowed it to establish a strong foundation and scale its operations efficiently. The company’s partnerships with student organizations and the implementation of free first rides have played a crucial role in its growth.
Fetii’s unique payment system allows riders to pay individually by scanning a QR code, eliminating the hassle of one person covering the entire fare. This feature, along with its affordable fares, has made Fetii highly appealing to young adults.
Mark Cuban’s investment in Fetii stems from his daughter’s positive experiences with the service. He believes Fetii has the potential for global success. The company’s plans for the future include expanding its reach to new markets and exploring partnerships with ride-hailing giants. However, both Iommi and Cuban emphasize Fetii’s goal of achieving profitability and sustained growth.
Original source: Read the full article on TechCrunch
