South African ride-sharing startup Jumpin Rides has raised ZAR1.8 million (US$137,000) from local and international angel investors to launch apps, expand its customer base and begin expansion into other African markets.
Launched in August 2016, JumpIn Rides is a peer-to-peer ride-sharing platform that connects private car-owners with passengers going in the same direction and willing to contribute towards petrol costs.
The platform allows users to post a ride or look for a lift via its web service. All drivers are vetted and reviewed, and the platform allows people to connect and discuss details of the trip.
Jumpin Rides, which has more than 10,000 users across South Africa and has been incubated by the Cape Town-based Far Ventures, has now secured ZAR1.8 million in funding to move to the next level by launching mobile apps and better marketing its solution.
It claims to be 10 times cheaper than e-hailing companies such as Uber and Taxify, and will also begin thinking about expanding into other African markets.