Ridecell has secured US$45m for its Series C financing round.
The round was led by new investor, Fort Ross Ventures and includes Solasta Ventures.
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Existing investors, Activate Capital, Denso, LG Technology Ventures and Initialized Capital also participated.
The Ridecell platform provides data insights and workflow automation for fleets, motor pools and trucking and logistics companies. COVID-19 has raised consumer and enterprise rental demand and increased the need for contactless reservation, entry and drop off solutions.
In recent months, government, corporate, trucking and new-mobility fleets, including Penske, Toyota Sweden, Renault, and AAA, have chosen Ridecell to help them automate and digitise their services.
Ridecell enables them to provide a safe driver experience and 24/7, self-service operations without retail staff or dedicated brick and mortar locations, significantly reducing both risk and operational expenses.
“Mobility technology has never been more critical for fleet owners, especially following a rise in demand due to the global pandemic,” said Fort Ross Ventures principal, Ratan Singh.
“We chose to invest in Ridecell because the company has both the team dynamic and technical capabilities required to meet the highly diverse needs of the world’s largest fleet and mobility operators.”
For his part, Ridecell CEO, Aarjav Trivedi, added: “The leading fleets in the world were already working on digital transformation. COVID-19 created an urgent need for them to accelerate digital access to their fleets, reduce risk by enabling self-service touch-less monetisation across B2B and B2C business models and reduce costs through automation.
“For Ridecell, it created opportunities to help many customers and partners quickly meet the shifting consumer and enterprise demand for fleet operations automation and contactless commerce.”
Ridecell is leading an ecosystem of global companies integrating their products into the Ridecell platform. Fleet providers can use the Ridecell APIs, SDK, real-time data platform and pre-integrated partner solutions to manage fleet data, workflow automation and vehicle access.
Ridecell is a platform provider for fleet management and monetisation solutions. The fleet automation platform automates actions triggered by vehicle data, which control vehicle availability, maintenance and access. It provides a solution for fleet owners to manage and monetise fleets for shared services, corporate motor pools and trucking and logistics fleets.
Ridecell powers fleets in cities across Europe and North America. These include services by Ferrovial, Renault, AAA, Penske and Toyota Sweden.
Ridecell teams work with customers operating globally out of offices in San Francisco, Madrid, Paris, Berlin and Pune, India.
