Transport tech firm Zeelo has closed a £4.25 million funding round.
Founded in London in early 2017, Zeelo provides a personalised shared mobility service for underserved areas using data analytics and exceptional service.
The AI-powered algorithm allows the company to design routes that meet the needs of customers, so they can make the most of their travelling time. The Zeelo platform integrates with an executive vehicle fleet of over 20,000 high quality coaches across the UK in order to serve demand.
The round was led by sustainability investor ETF Partners with participation from current investors InMotion Ventures, Jaguar Land Rover’s mobility venture arm, Dynamo and angel investors including Michael Liebreich and Liam Griffin. The investment will be used to further establish Zeelo as the market leader in the UK and expand operations in Africa and other new regions.
“There is a paradigm shift in the world of mobility which is driven by technological evolution, changing consumer tastes and, underlying all this, climate change,” said Patrick Sheehan of ETF Partners.
“People increasingly recognise the attraction of shared mobility alternatives to private car ownership in cities.
“The Zeelo team identified the opportunity to provide better transportation to millions of people outside major cities and are already doing a great job of delivering these new services. We are delighted to support them on their journey.”
Zeelo will use the investment to develop its technology, data and automation and will also invest in new vehicle technologies, on-board experience and drivers in partnership with its coach operators. The company will also look to launch new verticals beyond the existing ZeeloCOMMUTE, ZeeloEVENTS and ZeeloPRIVATE verticals.
Zeelo has carried over 150,000 customers since launch with a focus on commuting services for private companies and large events. It now plans to use the funding to drive deeper into different markets in the UK and new markets abroad, as well as investing in new initiatives.
Zeelo has partnered with the likes of Aston Martin through its ZeeloCOMMUTE service to offer employees more convenient transport to work and offer new productivity benefits to employers. Zeelo has also been working with prestigious sports organisations such as Manchester City FC, Wasps RFC and the Welsh Rugby Union through ZeeloEVENTS to give fans a more convenient and direct route to games.
Zeelo co-founders Barney Williams, Sam Ryan and Dani Ruiz sold their previous start up JumpIn, a taxi booking and sharing app, to Addison Lee in 2014 while still at university.
Ryan said: “We’ve seen a profound change in the way people move in major cities over the last 10 years – more personal, more affordable; but those outside of these cities, the people who really need better transportation options, have been overlooked and remain completely reliant on their car.
“Our customer-centric approach delivers a transportation service with a route that’s more direct, a timetable that’s more convenient, a service that is more environmentally friendly and, fundamentally, modes of transportation that allow people to make more of their travelling time, whether for work or pleasure.
“We are very pleased to have ETF on board and are certain they will help us make an impact and achieve our next stage of growth.”