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.
In Italy’s storied gold-making hubs, jewelers are reworking their designs to trim gold content as they race to blunt the effect of record prices and appeal to shoppers watching their budgets. Gold prices hit a record high on Thursday, surging near US$5,600 an ounce, more than double a year ago as geopolitical concerns and jitters over trade pushed investors toward the safe-haven asset. The rally is putting undue pressure on small artisans as they face mounting demands from customers, including international brands, to produce cheaper items, from signature pieces to wedding rings, according to interviews with four independent jewelers in Italy’s main
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