One of the globe’s top automotive services businesses, COX Automotive, has expanded their already large impact within the car market by investing in a car-sharing platform. This new investment allows the private COX company a place at the table for the oncoming technological impact of ride-sharing services around the world.
Ridecell Inc, which claims to be the platform of choice for leading car-sharing, ride-sharing, and autonomous fleet operators, has just closed a Series B funding round of $28.61 million.
The investment round was led by Cox Automotive alongside another investor, Initialized Capital.
Additional funding came from Denso, Penske, Deutsche Bahn and Mitsui which are all existing or aspiring stakeholders in the new mobility ecosystem.
Founded in 2009, Ridecell has already processed over 20 million rides and rentals, and has a team of more than 100 staff in the US, Europe, Asia, and Australia.
Cox Automotive vice-president of new growth and development, David Liniadoat, said the strategic investment in Ridecell was “another tangible move we are making in the mobility space”.
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