Ridecell Secures $45 Million To Help Fuel Growth and Expansion

December 2nd, 2020 | by Diptii Tiiku, Senior Director of Corporate Marketing | Posted in: Insight on Things

We’re excited to announce that we have secured $45 million in our Series C round, funding that is poised to help us maintain market leadership as we enter a hyper-growth phase. This round has also brought with it new and exciting partners, with great experience in the technology, automotive and startup ecosystems.

The Series C was led by Fort Ross Ventures, a venture capital firm focused on high growth investment across the US, Israel, and Europe. Ratan Singh, Principal at Fort Ross will also join the Ridecell Board of Directors as we scale on an international level. We’ve also brought on new investor Solasta Ventures, and are proud to continue to work with existing investors Activate Capital, DENSO, LG Technology Ventures and Initialized Capital.

COVID-19 has proved impactful across the entire mobility industry. Rental demands from both consumers and enterprises have increased dramatically, as has the need for contactless reservation, entry, and drop off solutions. The Ridecell platform, which provides data insights and workflow automation for fleets, motor pools, and trucking and logistics companies, has been well-positioned to meet these new demands. In recent months we’ve added new customers to our portfolio, including leading government, corporate, trucking, and new-mobility fleets – well-known names including Penske, Toyota, Renault, and AAA.

We are proud that we can help our customers provide a safe driver experience and 24/7, self-service operations, without requiring retail staff or dedicated brick and mortar locations. We remain committed to significantly reducing both risk and operational expenses for our customers.

As Mr. Singh at Fort Ross Ventures said, “Mobility technology has never been more critical for fleet owners, especially following a rise in demand due to the global pandemic. We chose to invest because Ridecell has both the team dynamic and technical capabilities required to meet the highly diverse needs of the world’s largest fleet and mobility operators. We are excited to help play a role in the company’s global expansion.

Our global ecosystem of fleet providers uses the Ridecell APIs, SDK, real-time data platform, and pre-integrated partner solutions to manage their fleet data, workflow automation, and vehicle access. 

Rob Wunsche, director of Mobility Platform Services and New Product Innovation at DENSO said, “Working with Ridecell and their fleet customers has been invaluable as we advance the development and commercialization of new mobility services. When DENSO invests in partners, our mission is to leverage each other’s strengths to innovate, and with Ridecell, that translates to a powerful set of solutions for fleet owners.”

As we look ahead into 2021, we plan to continue to raise the capital necessary to power our accelerated international growth, support our larger customers globally, and extend our platform’s core automation and digitization capabilities.

Author: Diptii Tiiku, Senior Director of Marketing, Ridecell

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