Cape Town-based ride-sharing startup Jumpin Rides secured USD 136 K from various local and international business angels. The startup is part of the Far Ventures portfolio, which also hosts FinchatBot. Far Ventures invested the first capital along with its management team to build the product and initial traction for its carpooling platform.
Founded late in 2016 within Far Ventures by Pauline du Paty, Romain Diaz, and Antoine Paillusseau, 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.
“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 ridesharing solution such as Jumpin Rides”, says Co-Founder & Managing Director Pauline du Paty.
The startup believes that is a win-win solution for drivers who save on petrol, and passengers who can travel for 80% cheaper than alternatives such as Uber and Taxify.
Jumpin Rides claims to have a current base of 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.
The startup currently operates throughout South Africa and is focussed on creating a green & sustainable business. It also tackles the issue of rider’s safety by verifying each user’s profile by a mandatory login through the Facebook account. Both the passenger and the driver can rate each other after the carpool rides, to further validate individual profiles.