Total amount raised
$134.8 Millions
Latest funding date
06/01/2021
Location
Ridecell has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company specializes in providing advanced fleet orchestration solutions, leveraging AI to enhance operational efficiency and customer satisfaction.
Keep reading to explore the intricacies of Ridecell's fundraising journey and the investors backing this innovative platform.
What Is Ridecell?
Ridecell, founded in 2009, is headquartered in San Francisco, California. The company specializes in automotive, autonomous vehicles, car sharing, fleet management, ride sharing, and transportation industries. It was founded by Aarjav Trivedi, ArunKumar Elangovan, and Chris Wilkins.
With an employee count ranging from 51 to 100, Ridecell provides advanced fleet orchestration solutions. Their platform leverages AI to enhance operational efficiency and customer satisfaction, serving clients across Europe and North America.
How Much Funding Has Ridecell Raised?
- Seed Round
- Amount Raised: $5.5M
- Date: April 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and expand the team.
- Series A
- Amount Raised: $11.7M
- Date: April 2016
- Lead Investors: BMW i Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series B
- Amount Raised: $28.6M
- Date: June 2018
- Lead Investors: Cox Automotive
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technology.
- Series B
- Amount Raised: $28M
- Date: November 2018
- Lead Investors: Activate Capital Partners, Cox Automotive
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further accelerate growth and innovation.
- Series C
- Amount Raised: $45M
- Date: December 2020
- Lead Investors: Fort Ross Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support hyper-growth into commercial fleet product lines and new geographies.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2021
- Lead Investors: Woven Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding the platform and market presence.
Total Amount Raised: $118.8M
Current Valuation: Not publicly disclosed
Key Investors
- Woven Capital
- Details: Woven Capital is the investment arm of Woven Planet Holdings, a subsidiary of Toyota. They focus on investing in innovative companies that are shaping the future of mobility.
- Investment Focus Areas: Mobility, autonomous driving, smart cities.
- Notable Investments: Nuro, Joby Aviation, Ridecell.
- R136 Ventures
- Details: R136 Ventures is a venture capital firm that invests in early-stage technology companies. They aim to support startups that are driving technological advancements.
- Investment Focus Areas: Technology, software, digital transformation.
- Notable Investments: Not publicly disclosed.
- Activate Capital Partners
- Details: Activate Capital Partners is a venture capital firm that invests in companies transforming the energy, transportation, and industrial sectors. They focus on sustainable and innovative solutions.
- Investment Focus Areas: Energy, transportation, industrial sectors.
- Notable Investments: Proterra, ChargePoint, Stem.
- Cox Automotive
- Details: Cox Automotive is a global company that provides a wide range of automotive services, including vehicle auctions, financial services, and software solutions for car dealers and consumers.
- Investment Focus Areas: Automotive services, software solutions, financial services.
- Notable Investments: Ridecell, Clutch Technologies, Dealertrack.
- BMW i Ventures
- Details: BMW i Ventures is the venture capital arm of BMW Group. They invest in high-potential startups that are shaping the future of mobility and transportation.
- Investment Focus Areas: Mobility, transportation, sustainability.
- Notable Investments: ChargePoint, Ridecell, Solid Power.
What's Next for Ridecell?
Ridecell is poised to capitalize on the growing demand for contactless and automated fleet management solutions, driven by the COVID-19 pandemic. The company plans to expand into commercial fleet product lines and new geographies, leveraging partnerships with industry leaders like Penske and Toyota Sweden. This expansion presents a significant opportunity for Ridecell to enhance its platform's core automation and digitization capabilities.
Future fundraising efforts are likely as Ridecell continues to support its accelerated international growth. The company may seek additional funding rounds to further extend its platform and attract larger customers globally. However, challenges such as rapidly changing market dynamics and competition from other digital transformation platforms could pose obstacles along the way.
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