Blackfinch Ventures leads £2.3m funding round for RideTandem
Blackfinch Ventures, a leading investment firm, has led a new funding round for RideTandem, a mobility-as-a-service startup, raising £2.3 million. The round also saw participation from new investors FirstMonday VC and Rainmaking Impact, as well as existing backers 1818 Venture Capital, Ascension, and Low Carbon Innovation Fund. This brings the total funding raised by RideTandem to £5 million. The company has experienced significant growth in 2022 and aims to achieve £1 million ARR while expanding its services outside the UK.
RideTandem works with local taxi, minicab, and coach companies to provide affordable and sustainable shared commuter services.
Their services have allowed passengers to earn over £40 million in wages by accessing jobs that were previously inaccessible due to expensive or unreliable public transport options. The company operates in areas across the UK where transport poverty has the strongest economic and social effects. Recent customers include DPD, Lidl, and Next, and RideTandem also collaborates with long-term partners such as Royal Mail and Direct Table Foods.
The rising cost of living has increased demand for RideTandem's services as many individuals face financial challenges and a decline in public transport services. A recent survey revealed that 68% of low earners and 71% of people without a car are concerned about the impact of bus service cuts on their ability to work. RideTandem aims to address this issue by providing affordable and reliable transport options. The new investment will allow the company to continue expanding its services, supporting people in their commute and contributing to the economy.
They've invested in RideTandem
Get to know these Mobility investors
| # | Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|---|
1 |  Blackfinch Ventures | 6 investment(s) investment(s) | 6 contacts contacts | |||
2 |  FirstMonday VC | 1 investment(s) investment(s) | more info | |||
3 |  Rainmaking Impact | 1 investment(s) investment(s) | more info | |||
4 |  1818 Venture Capital | 5 investment(s) investment(s) | more info | |||
5 |  Ascension | 5 investment(s) investment(s) | 11 contacts contacts |
Click here for a full list of 6,481+ startup investors in the UK