# Splitting Fares

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/splitting-fares

- Industry: Transportation Services
- Headquarters: Detroit, US
- Website: www.splt.io
- Total disclosed funding: $0.6M
- Latest round: Seed (Feb 23, 2017)
- Investors on record: 9

## About

Splitting Fares, Inc. provides innovative enterprise carpooling solutions that enhance mobility for organizations and their workforce, facilitating efficient ridesharing to reduce commuting costs and environmental impact.Splitting Fares, Inc. is focused on carpooling solutions that enhance commuting efficiency. Founded in 2014, in Detroit, US, the company has completed five deals, with its latest funding round being a Grant of USD 0.100 mn from Macomb Community College, leading to a total of USD 0.630 mn raised. The company was acquired by Robert Bosch in February 2018, although the terms of the sale were undisclosed. The founder, Abdullrahman Alghais, has a background that includes prior entrepreneurship.SPLT specializes in enterprise carpooling solutions aimed at enhancing mobility for organizations and their employees. The company's core product offering facilitates ridesharing among users, allowing employees to connect with one another to share commutes, thereby reducing transportation costs and contributing to environmental sustainability. SPLT's platform is designed for organizations seeking to optimize their commuting solutions, with the end goal of solving issues related to traffic congestion, parking shortages, and high commuting costs. The service has been adopted by various businesses across multiple sectors, including corporate offices and educational institutions, primarily in urban areas where carpooling provides a practical alternative to traditional commuting methods. SPLT's reach extends to markets in North America and select regions in Europe, where demand for efficient transportation solutions is growing.SPLT generates revenue through subscription-based partnerships with businesses that implement their carpooling platform for employee use. Clients typically enter into agreements that allow the company to provide tailored services based on the organization's size and commuting needs, resulting in a structured fee arrangement. The pricing model may vary depending on the scale of implementation and the specific features chosen by the client. Revenue is derived from recurring payments tied to the ongoing usage of the platform, as well as potential transactional fees related to specific usage metrics. The firm's focus on enterprise clients allows for a direct-to-business sales approach, reinforcing its market position as a leader in corporate carpooling solutions.In the future, SPLT plans to design and launch new products aimed at enhancing its carpooling services, focusing on improved user experiences and integrations, though exact release dates have yet to be announced. The company is also targeting expansion into additional markets in North America and Europe by 2024, taking advantage of increasing demand for their solutions. The recent funding received will be utilized to support these initiatives, particularly in product development and market outreach, following their acquisition by Robert Bosch.

## Funding rounds

- Seed, Feb 23, 2017 — InMotion Ventures
- Seed, Jan 1, 2017 — Resurgent Ventures
- Seed, Jun 9, 2015, $0.6M — Wells Fargo Bank, Fontinalis Partners, Techstars, Right Side Capital Management, Star Power Partners, Verizon Ventures, Evergreen Climate Innovations

## Investors

- Wells Fargo Bank — Seed
- Fontinalis Partners (https://capitalatlas.ai/funds/fontinalis-partners) — Seed
- Techstars (https://capitalatlas.ai/funds/techstars) — Seed
- Right Side Capital Management (https://capitalatlas.ai/funds/right-side-capital-management) — Seed
- Star Power Partners — Seed
- Verizon Ventures (https://capitalatlas.ai/funds/verizon-ventures) — Seed
- Evergreen Climate Innovations (https://capitalatlas.ai/funds/evergreen-climate-innovations) — Seed
- Resurgent Ventures (https://capitalatlas.ai/funds/resurgent-ventures) — Seed
- InMotion Ventures (https://capitalatlas.ai/funds/inmotion-ventures) — Seed