Tuesday, February 10, 2015
Tripda Raises US$ 11-million Series A Funding
Tripda, the global carpooling social network that made its Philippine debut in October 2014, has announced an $11 million Series A funding round by Rocket Internet and other investors, including top tier US venture capital funds.
Tripda plans to use the new round of funding to expand its global operations and grow its user base across 13 countries where it operates, as well as continuing to develop its web and mobile product for multiple markets.
“We are very grateful for the continued confidence of Rocket Internet and the backing by a prominent New-York based investor. The investment is a clear recognition of our leading regional footprint and an affirmation of the growth strategy and potential of our business,” commented Pedro Meduna, co-founder and CEO of Tripda. “It provides us with the strategic flexibility to further grow our community by connecting even more travelers going the same way,” he explained.
Erick Coser, Country Manager of Tripda in the Philippines: “This funding is a milestone for Tripda and sharing economy as a whole. No other company in the industry has raised such an amount in less than one year of operations. This only gave us more confidence to pursue our goal to make carpooling a mainstream transportation modal. We have a lot of work to do and this new round of funding will be key to take our Philippine operation and team to the next level. We will continue to invest into our growing community and strive to become the premier carpooling platform in Philippines.”
The additional funding will be used by Tripda to intensify its presence inside universities which have been more open to the notion of car pooling. They plan to launch more awareness campaigns to raise the awareness about carpooling and close high-level partnerships with the government, big companies, and schools.