Flywheel Raises $14.8 Million
Flywheel is a San Francisco based company that allows users to hail down a taxi using their mobile devices. The company used to be named Cabulous. Flywheel has raised $14.8 million in a new round in Series B funding.
This round of funding was led by new investor Craton Equity Partners. Existing investors RockPort Capital and Shasta Ventures also participated in this round.
Flywheel now has $25 million in total funding and has a staff of around 30 people. The company will be using the funding to expand rapidly across the U.S. and increase its users and partners.
“Our goal is to bring Flywheel consumers convenient, confident, cash-free access to the 5M taxi rides delivered every day by the nation’s taxi fleets,” stated Flywheel chief executive officer Steve Humphreys. “By bringing on whole fleets at a time, we can give our customers access to most of the taxis in a city in a matter of weeks. Flywheel is cutting down on congestion by working with existing, legally authorized fleets manned by professional drivers while disrupting the taxi industry from within. Our mission is to increase utilization of taxis already on the streets, getting more people around our cities with no additional congestion or pollution. It’s good for the city, good for the environment, good for our customers and good for the drivers.”
Within the last 8 months, Flywheel rebranded their Android and iPhone apps. Some of the new features includes automatic payments and Foursquare integration.