Fetii’s Innovative Rideshare App for Young Adults Secures Investment from Mark Cuban and Y Combinator

In today’s fast-paced world, efficient group transportation is often hard to find. Matthew Iommi, co-founder of the innovative rideshare service Fetii, identified this gap while studying at Texas A&M University. He recognized that college students lacked convenient and affordable options for group travel, especially when their parties exceeded six or seven people.

Identifying the Need for On-Demand Group Rides

As Iommi explained, traditional rideshare services like Uber and Lyft fall short when it comes to transporting larger groups. “Once you hit that six to seven [person] mark, you had to split up and take multiple cars, which is inefficient and not great for sustainability,” he told TechCrunch. The alternative—reserving a charter vehicle days in advance—often leads to unnecessary costs and complicated payment splits among friends.

The Birth of Fetii

In 2020, Iommi and co-founder Justin Rath took a bold step by purchasing a party bus to test their concept of an on-demand group rideshare service, catering to groups of seven to fourteen passengers. They named their venture Fetii, a term meaning “family” in French Oceanic culture. “We like to say that the mantra of rideshare is bringing people together,” Iommi remarked.

Rapid Growth and Expansion

Fast forward five years, and Fetii now operates in 68 cities across six states, including major hubs like Dallas, San Antonio, Houston, Atlanta, Nashville, Phoenix, and Scottsdale. The service transports over 200,000 passengers each month, with a staggering 75% to 80% of rides being booked on-demand.

Funding and Future Plans

Recently, the Austin-based startup secured a $7.35 million seed round led by Mark Cuban, with contributions from Y Combinator and Goodwater Capital. This funding will enable Fetii to expand into new markets, including Florida, California, and Massachusetts.

Targeting a Young Demographic

Fetii focuses primarily on young adults, particularly college students aged 21 to 30. Iommi believes that previous rideshare attempts failed to cater to this demographic. “We created a service and a brand that’s more geared towards young adults who tend to congregate in groups,” he stated.

• Nights out with friends
• Bachelorette parties
• Weddings and sports events
• Corporate events and festivals

Innovative Payment Solutions

To streamline the payment process, Fetii incorporates a unique QR code system. Each passenger can pay individually upon the arrival of their ride, avoiding the awkwardness of one person covering the entire fare. The average cost per rider is approximately $5, making it an affordable option for groups.

Building Brand Loyalty on College Campuses

Fetii’s strategy involves partnering with college organizations and teams to establish a strong presence on campuses. The first ride is complimentary, which helps to garner interest and build a loyal customer base. Additionally, Fetii collaborates with vehicle service providers to enhance its fleet.

Attracting Investment and Future Aspirations

Fetii’s innovative approach caught the attention of investors, including Mark Cuban, whose daughter praised the service. “She told me I should invest,” Cuban shared, noting the potential for Fetii to achieve global success. While Iommi initially considered acquisition by larger rideshare companies as a potential exit strategy, he is now more focused on sustainable growth and profitability.

For more information on Fetii and its services, visit their official website.