Seed12 July 2023

RideTandem secures £2.3m in new funding led by Blackfinch Ventures to expand operations.

The investment round was led by Blackfinch Ventures and will support international expansion.

£2.3MSeed

RideTandem provides sustainable shared commuter services by partnering with local transport operators to connect workers with jobs in areas lacking reliable public transport.

RideTandem has secured £2.3m in fresh funding to expand its commuter transport services and prepare for its first international launch. The investment round was led by Blackfinch Ventures, with participation from FirstMonday VC, Rainmaking Impact, and various backers via Seedrs. Previous backers including 1818 Venture Capital, Ascension, and Low Carbon Innovation Fund also participated in the round.

The company has experienced rapid growth following a previous raise in May 2022, reporting a 3.5x year-on-year increase in 2022. RideTandem addresses transport poverty by coordinating local taxi and coach services for major corporate clients such as DPD, Lidl, and Royal Mail, helping employees access work outside major urban centres.

From the founder

"Even before the cost-of-living crisis hit, public transport outside of big cities was broken – expensive, unreliable, or simply not there for people who need it. Almost 5,000 bus services – more than one in four – were axed between 2012 and 2022. Many that remain, especially outside cities and large towns, are under threat from the recent end of the Bus Recovery Grant. Too many people are left with a stark choice – car ownership, which is itself increasingly prohibitively expensive, or simply not working. That’s not right – it’s not good for individuals and their families, and their social mobility and mental health, or for communities more broadly, and it’s not good for the economy."

Alex Shapland-Howes

Co-founder and CEO at RideTandem

Investor perspective

"It’s rare that you come across a business that is generating positive economic, social, environmental impact on such an impressive scale at such an early stage. That’s because to do that you need much more than a good idea and the best of intentions. You need a really solid commercial model to underpin it all – far from being contradictory, profit and purpose can be natural bedfellows. Alex and the team at RideTandem are making a real difference tackling an underestimated social challenge, and building a fantastic business in the process. We’re glad to be part of their journey with this investment."

Reuben Wilcock

Head of Ventures, Blackfinch Ventures