San Francisco-based on-demand rideshare network SideCar announced yesterday it has raised a Series A financing round of $10 million from Lightspeed Venture Partners and Google Ventures.
SideCar is a peer-to-peer community that says it is rethinking transportation by connecting everyday drivers who have a car with nearby passengers who are looking for an instant, affordable, environmentally sound and fun way to get around the city.
The funds will be used to grow the company’s operations, further develop technology and expand into new markets nationwide.
“We created SideCar as an easy way to get around, but also as a first step in transforming transportation on a larger scale,” said Sunil Paul, CEO of SideCar. “We will use this investment to build our team, take our innovation to the rest of the world, and roll out products to accelerate the crowd-sourced transportation movement.”
SideCar launched in San Francisco last June and says it has experienced significant growth since that time adding hundreds of new drivers and thousands of new passengers to its network while facilitating more than 50,000 rides. The company plans to enter into new markets later this year.
“The transportation industry is going through a major transformation,” said Joe Kraus, partner at Google Ventures. “With ridesharing gaining popularity, SideCar is in a strong position to quickly become a leader in the space. We are thrilled to partner with Sunil as he scales the company to change the way we think about commuting.”
The company also announced that SideCar has acquired US Patent #6356838. Issued to Sunil Paul in 2002, this patent covers a method for accepting a transportation request for passenger pickup, determining location and directing a vehicle to the requested location. The company says the patent represents Paul’s decade-long vision to enable communities to create their own transportation networks.
SideCar’s free mobile application is available for download for passengers via the App Store for iPhone and GooglePlay for Android users. Drivers can apply to be part of the community through this link.