Jumpin Rides, the Cape Town-based ride-sharing startup, announced that it has just raised R1.8 million with various local and international business angels.
Founded in late 2016 by Pauline du Paty, Romain Diaz and Antoine Paillusseau, the startup is part of the Far Ventures portfolio.
Jumpin Rides aims to provide a new transport solution for South Africans, by connecting drivers with spare seats to passengers going the same way and willing to contribute towards petrol costs.
Far Ventures invested the first capital along with its management team to build the product and initial traction for its carpooling platform.
Today, Jumpin Rides has more than 10,000 users, of which approximately 25% are drivers and 75% are passengers. Rides booked through the platform are equally spread between short distances (<50km), mid-distances (50km to 200km) and long distances (>200km), which proves that the company responds to a large need in the market.
“We are thrilled to welcome seasoned entrepreneurs and investors on board to support us in our vision. This round of funding is a validation of our approach and of the market opportunity we are tackling. We look forward to taking Jumpin Rides to the next level by investing these funds into launching mobile apps, online and offline marketing, and starting to look at other African markets which are in need a peer-to-peer ride sharing solution such as Jumpin Rides”, says co-Founder and managing director Pauline du Paty.