Ubirider receives almost €2M investment for international expansion and team reinforcement
Ubirider receives almost €2M investment for international expansion and team reinforcement
The UPTEC startup wants to improve transport efficiency by simplifying the planning, booking and payment of multimodal trips
Ubirider, a startup incubated at UPTEC—Science and Technology Park of the University of Porto—has raised a funding round of 1.95 million euros, co-led by Techtree Investments and Cedrus R&D III. The funding is dedicated to developing the Ubirider platform, a company that aims to improve transport efficiency by simplifying the planning, booking, and payment of multimodal trips.
Ubirider is responsible for developing the “mobility as a service” (MaaS) platform called the Ubirider Platform. This solution allows transport and mobility operators to digitally manage all aspects of their business digitally, providing real-time information. It also includes “Pick” mobile app enabling travellers to plan multimodal trips, make payments for associated fares, and receive real-time support.
The recent investment of €1.95 million was co-led by Techtree Investments, CTT’s investment vehicle and managed by Iberis Capital, and Cedrus R&D III, an investment fund managed by Cedrus Capital. The current investor, Grupo Barraqueiro, also participated in this round, as did the two angel investors, José Santos from the United States and Andrés Alcalá from Colombia. The funds raised will be used for Ubirider’s international expansion and strengthening of product development, sales and marketing teams, and continuing innovation in digital and contactless payment solutions.
In addition, Ubirider has established strategic partnerships with renowned companies, including Mastercard, Deloitte, PayShop, and Viva.com. These collaborations have allowed Ubirider to successfully implement its innovative platform across various public transport companies, contributing to a more efficient and sustainable travel experience.
For Ubirider’s CEO, Paulo Ferreira dos Santos, this investment allows the company to grow in several parameters. “The main objective of this investment is to enable Ubirider to take the first steps in internationalization. But it has already affected the team’s growth, which was 14 people at the end of 2023 and is now 24, essential to strengthen the capacity to innovate, product development, marketing, and sales. Our ambition is to transform Ubirider into one of the best mobility-as-a-service companies, and this investment is significant in enabling us to accelerate towards that goal.”
With this significant investment, Ubirider reinforces its position as an innovative force in mobility in Portugal. The support not only boosts Ubirider but also highlights the vital role of startups in transforming the urban mobility landscape.
March 13, 2024