San Francisco-based ride-sharing service Sidecar on Monday announced a US$15 million funding round that included backing by British billionaire Sir Richard Branson.
The money is expected to be used to help fuel a US-wide expansion of Sidecar, which introduced a ‘shared-ride’ service in San Francisco about four months ago, according to an online post by chief executive Sunil Paul.
“Our drivers and riders have shown the world that people will embrace smart transportation solutions that are affordable and safe,” Paul said.
Sidecar’s long-term goal is to create the largest transportation marketplace in the world by building a system that makes it as affordable to share rides as it is to use public transit, Paul has said.
The service uses a smartphone application to match people looking for rides with nearby drivers who happen to be heading for the same locations. Passengers split costs of trips with drivers.
About 13,000 people requested rides in the month after the service launched launched, the company said, adding that it is matching thousands of riders and drivers weekly.
Previous Sidecar investors Avalon Ventures and Union Square Ventures took part in the latest funding round, which was joined by Virgin Group founder Branson, Paul said.
“Technology has turned transportation on its head,” Branson said in comments posted online by Sidecar.
“It’s fundamentally changing the way we get around. We don’t need to own cars; services like Sidecar can get us around town,” he said.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01