Berlin-based Rydes has raised €3.5 million in a seed funding round. The startup provides companies with a platform aimed at offering employees a monthly mobility budget in lieu of having to submit expense forms after the fact. The seed capital will be used to further develop the platform as well as expand to other markets outside Germany.
Rydes’ €3.5 million seed round was led by Assembly Ventures and Rethink Ventures, with Futury Capital and angel investor Jens Krüger participating. Existing backers of the company include Lufthansa Group, Forward31, Arabella Venture Capital, and other angel investors.
If you’ve ever spent time on the road representing the company, you’re well aware of the tedium that is keeping track of all those transportation receipts and filing of expenses. Even if you’re not trekking around the continent, even a series of crosstown journeys can be a chore.
And it's not just an admin project for you, as the HR and finance teams are saddled with this work as well.
And here’s where Rydes is offering companies a chance to turn this eye-rolling admin task on its head. By flipping the script, i.e. providing employees with a monthly mobility budget, not only is the tracking and admin virtually eliminated (or at least factored in beforehand), but employees are also free to select their own preferred mode of transport. Shared mobility, public transport, rented bikes or cars, or with fuel or charge cards for their own cars, all covered under the Rydes' umbrella.
"If you're seeking to attract and keep driven talent, you will need to offer attractive and flexible mobility solutions. RYDES is the first Corporate mobility budget platform to meet these requirements. We offer full-spectrum bandwidth of services, from shared mobility to renting or leasing bikes and cars, fuel and charge cards, and public transport. The completion of our seed funding round is a major step on our mission towards becoming the go-to destination for all employee mobility needs, and providing businesses with an attractive, straightforward platform solution," commented Rydes CEO and co-founder René Braun.