Group rideshare startups Petey You have been chosen to enter the exclusive club. The Austin, Texas-based two-year-old company said on Wednesday it was approved as a business accelerator. Y Combinator Summer “Batch.” “It’s almost a three-month boot camp,” Matthew Iommi, co-founder and CEO of Fetii, an intensive three-month mentoring program with $500,000 in cash upon acceptance, told Forbes.com.
Iommi estimates that there is a one in five chance that Y Combinator (YC) will be one of the 150-300 companies it chooses for one of its two annual deployments. He appreciates Fetii for overcoming these adversity while the young company seeks to expand its service area and profits.
“To be announced as a YC company is a real game changer. It gives you a lot of legitimacy,” Iommi said in an interview. “Because a lot of people want to work for a YC company, including this information on their business resume will not only help us attract talent, but also leverage YC so we can get more money and grow faster. It will help provide resources, a network of portfolio companies held by YC, and shipping to YC companies around the world.”
Since 2005, Y Combinator has invested more than $400 billion worth of more than 3,000 companies. its website. Large companies such as Airbnb and DoorDash
Coinbase and Dropbox.
Founded in August 2020, Fetii is a ride-sharing service exclusively for groups using 15-seater vans. However, Fetii does not own a vehicle. Rather, it is a technology platform. According to Iommi, 80% of the fleet’s supply comes from either the Fetii passenger service provider or a PSP modeled on Amazon’s model.
Delivery service provider system. PSP is a separate entity that owns vans and provides services to Fetii customers.
The remaining 20% is owned by a rental agency affiliated with Fetii. If independent drivers wish to drive for their Fetii, rental agency vans are available that pay a monthly rental premium.
In either case, Fetii cuts 30% of its revenue.
Drivers manage their ends, including navigation to and from destinations via the Fetii Driver app, while passengers book and pay for their vehicle via the Fetii Ride app. Upon boarding, passengers scan a QR code with their smartphone to access UPC Check-in, where they can choose how to split their fares with other passengers during their trip.
Y Combinator partner Brad Flora told Forbes.com that Fetii’s unique business and operating model makes it fundamentally not difficult for a company to invite. Groups can move seamlessly from point A to point B and handle the awkward task of paying for a ride. It was an easy decision to fund this talented team of old friends who are already seeing early traction.”
After the three-month mentoring program, companies participate in a demo day to explain their mission and business ideas in order to attract additional investors.
The new funding will certainly fuel Fetii’s intended expansion plan. Now operating in Austin, College Station, and Lubbock, Texas, Iommi says the goal is to expand into new markets. Dallas, TX and San Antonio, TX are being considered along with the Y Combinator headquarters in San Francisco.
Iommi also said it plans to hire about 20 additional people in the next few months, mainly in engineering and marketing. He will not publicly disclose the company’s current number of employees “for competitive reasons.”
What he came to share was Fetii’s growth trajectory. To date, the company van has traveled 49,300 times, carrying 467,100 passengers and traveling a total of 188,200 miles. Using Fetii’s passenger and travel data, Iommi estimates that it used a 15-seater van to effectively remove 100,000 vehicles from the road. This is the approximate number of small vehicles needed to transport the same number of people.
In fact, reducing traffic congestion and emissions by transporting people as a group rather than individually is a key element of Fetii’s mission.
“We have a great platform, a great business model, and a great vehicle network to empower people to do the best we can when they return to work. Emissions are rising in this metropolis where congestion has reached critical levels,” said Iommi. “We are removing unnecessary vehicles from the road.”
Y Combinator’s summer placement program begins in June, but Iommi is looking forward to a much longer-term relationship with the Accelerator as his ambitions for Fetii grow. .”