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SplitRide AB

Save money by sharing taxi

Do you think taking a taxi is expensive? With the SplitRide app, you can quickly find other people and share a taxi to save money.

The transport industry is changing rapidly with self-driving electric cars around the corner. The sharing economy has made people more open to try new types of services. Also, the taxi companies are starting to make it possible for app developers to integrate taxi booking/payment into other apps. Hence, we see a lot of new opportunities in this field.

Join us to take the final steps in getting SplitRide out on the market!

Investor proposal

For a minimum amount of N EUR we are offering N% of our company and for a maximum amount of N EUR we are offering N% of our company.

The share price is N EUR.

The minimum investment is N EUR and the maximum investment is N EUR.

What if you could be part of a company that supports a lifestyle where sharing is the norm? Our mission is to make taxi riding much cheaper!

Our team has been working with business and software development for many years. We have the knowledge, passion and expertise to make this succeed.

  • You can join at a minimum investment of 500 SEK (10 shares) and upwards.
  • The expected yearly growth is 300-500%, generating a revenue of at least 47M SEK in 2021.
  • We aim to have our stock listed within 3-5 years through an IPO on a recognized marketplace.


Product

The problem this product solves

It’s expensive taking a taxi alone and it’s difficult to find people to share it with.

Imagine heading home late after arriving at the airport, having dinner with friends downtown or attending a concert. You just want to get home as quickly as possible without spending a lot of money. You could start asking everyone around you to share a taxi, but the likelihood that people are heading in the same direction is small, plus most people would feel it’s outside their comfort zone.

What if you could easily find people going in the same direction, without having to ask?

How the product solves it

By using the SplitRide app, you can find people to share a taxi. You can either join an existing ride, or you can become a host and create your own for others to join. The host is responsible for booking the taxi. Everyone else pays the host by reserving money in the app before leaving. There are no SplitRide taxis, the host can freely choose any taxi company.

Example ride savings: Arlanda - Stockholm City 470kr
If you share with
  • 1 rider, you save 225kr (48%)
  • 2 riders, you save 303kr (65%)
  • 3 riders, you save 342kr (73%)

Product features

The main features in SplitRide are:
  • Find people who want to share a taxi
  • Create a ride for other people to join
  • Settle payments between riders
  • Automatic rider matching using Artificial Intelligence and Machine Learning

Product use cases

SplitRide can be used whenever you want to take a taxi, for instance going from
  • airport to home
  • hotel to airport
  • event/fair to home
  • nightclub to home
  • where public transportation encounter major delays

Team

Magnus Bondesson avatar
Magnus Bondesson CEO and Co-founder
Magnus has a master degree in Computer Science and has 10 years of experience as a software developer. He has worked as a development lead for off-shoring teams located in Sri Lanka as well as working with product development within the transport and logistics field. During several years he supported ... See more
Magnus has a master degree in Computer Science and has 10 years of experience as a software developer. He has worked as a development lead for off-shoring teams located in Sri Lanka as well as working with product development within the transport and logistics field. During several years he supported the sales team with technical expertise for high priority customers like Royal Mail. He is also keen on creative marketing and likes to kitesurf in his free time. He loves the comfort and efficiency of taking a taxi but think it's way too expensive and is therefore working hard to change that! See less
Patrik Åkerlund avatar
Patrik Åkerlund CTO and Co-founder
Patrik has a master degree from KTH in Information Technology and has worked as a software developer and project manager for 11 years. He has delivered successful projects to customers in several countries, like Belgium and New Zeeland - mainly within the security field. For many years he also managed ... See more
Patrik has a master degree from KTH in Information Technology and has worked as a software developer and project manager for 11 years. He has delivered successful projects to customers in several countries, like Belgium and New Zeeland - mainly within the security field. For many years he also managed projects with mixed scrum-teams from Sweden and Sri Lanka. In his free time he likes to ski, run and ride his bike. Every time when he arrives to Arlanda he wants to quickly find people to share a taxi with to save money but usually ends up paying everything himself. See less
Pär Höglund avatar
Pär Höglund Advisor - Networker and Organizational Researcher
Pär has an extensive international network, built up over time from studying abroad several times as well as organizing leadership courses in locations such as Bulgaria and Slovenia. He is fond of travelling and has visited 67 countries. From time to time he participates in a podcast about mental health. ... See more
Pär has an extensive international network, built up over time from studying abroad several times as well as organizing leadership courses in locations such as Bulgaria and Slovenia. He is fond of travelling and has visited 67 countries. From time to time he participates in a podcast about mental health. Pär has a PhD in Medicine and has a longterm mission to greatly improve organisation within healthcare. He has completed Vasaloppet and rather walks to work than using public transportation. He is part of the SplitRide advisory board. See less
Patrik Bergschöld avatar
Patrik Bergschöld Advisor - Business Developer
Patrik has a master in Information Technology and a master in Industrial Economics. He has worked with IT for more than ten years. He has a broad experience from several different industries, like retail and public sector. Working with different types of projects from large construction projects to small agile ... See more
Patrik has a master in Information Technology and a master in Industrial Economics. He has worked with IT for more than ten years. He has a broad experience from several different industries, like retail and public sector. Working with different types of projects from large construction projects to small agile gaming projects has given him good knowledge regarding what works where. His edge is working close to the customer and understanding customer needs in order to fulfil maximum value for the customer and the business. Patrik likes sports in many different ways and also very much appreciate going on tour with his boat as well as going fishing. He is part of the SplitRide advisory board. See less

Market

Target Market

We target two types of people. Those who avoid taking taxi today because they find it too expensive, and those who regularly use taxi but wouldn't mind sharing the cost.

Our marketing will initially target Stockholm, while the app will be available everywhere.

Stockholm
  • Population: 2.2M
  • Public transportation (SL): 786K passengers per day
  • Arlanda: 68K passengers per day
  • Taxis: 6K cars
  • Taxi rides: 85K per day
  • Estimated SplitRides per month: ~7K, generating 170K SEK (2M SEK per year) - see the Documents section for more details.
Marketing efforts outside Sweden will begin during 2018.

Competitive landscape

There are existing ride-sharing services that try to solve a similar problem, but differ from what we have to offer. For example:

Ride-sharing services
eg. Uber Pool, Grab Share
Only available in selected locations worldwide, users get a reduced price but far from a true split and they don't support future bookings. Also, their hop-on-hop-off strategy leads to unpredictable ETAs.

True ride-sharing services
eg. BlaBlaCar, Skjutsgruppen
Private cars and non-professional drivers, strong city-to-city focus, usually non-profit driven - only charges to cover the fuel costs, and booking far in advance is usually required.

Unique differentiator from competitors

SplitRide matches riders who wants to go in the same direction, handles on-demand and future bookings, is a true ride cost split (except our service fee) and has no cars which gives the opportunity to choose any taxi company.

There are others that have tried to make taxi sharing services, but no one has yet succeeded. We believe now is the right time because people's behaviour have changed towards being more open to share things and try new services.

Company revenue streams

We charge a fixed fee (eg. 10 SEK) from each rider, which is part of the transaction when payments between riders are settled.

Eg. 3 people share a taxi that costs 600 SEK. They will each pay 210 SEK (200 SEK for the taxi and 10 SEK to us) so a ride with 3 people generates 30 SEK in revenue.

As a bonus, in the near future when integrating with taxi companies and providing them rides it will generate kickbacks. This will be a percentage or fixed fee depending on the partnership agreement.

Product/service distribution

Customers just download the iPhone or Android app and can instantly see matching rides. To promote the app we will focus on marketing through social media where we can target people based on demographics as well as specific interests. We will also use local ambassadeurs in selected places to spread the word face-to-face with potential users.

Execution

Previous milestones/traction

2016
  • Sep - Initial idea
2017
  • Jan - Project started
  • Feb - UI mockup created and presented for early feedback
  • Mar - Development of iPhone MVP started
  • Mar - First FundedByMe meeting
  • April - User testing of iPhone alpha version (at tech test meetups)
  • May - Pitching at investor event at SUP46, see video at https://youtu.be/VHuyfxMekDk
  • May - Launching FundedByMe campaign

Next key objectives

2017
  • Q3 - First public release of iPhone and Android app
  • Q3 - Marketing campaigns in Stockholm
  • Q4 - Launch an ambassadeur program
  • Q4 - 1000 rides per month
2018
  • Target another European city, bigger than Stockholm
  • Partnerships with companies that are in need of taxi rides for their customers
  • Integrate with multiple taxi companies to book rides in SplitRide
  • Monthly growth of 500 rides
  • 200 rides per day
2019-
  • Become established in several major European cities
  • Utilize self-driving electric cars driving our users
  • Monthly growth of 2000 rides
  • 1000 rides per day

Previous Financing

Until now, SplitRide has been completely self-financed by the founders, with ~600 hours of non-paid business and software development work.

Use of funds

We will use 40% for development, 50% for marketing and 10% for operations.

Min funding reached
  • Improve the current iPhone version and develop an Android version
  • Add one payment option
  • Release Android and iPhone versions during Q3 2017
  • Social media marketing campaigns
  • On-site offerings, eg. free rides for the first 500 riders who use SplitRide and fills up a taxi
  • Competitions and local ambassadeurs
More funding
  • Add more payment options
  • Improve automatic rider matching
  • Several marketing and brand recognition initiatives

Return on Investment

We expect to reach a valuation of at least 10 times the current one within 3-5 years, at which point we aim to enter a stock exchange. We are also open to an acquisition if such an opportunity arises.

Investors who want an earlier exit will be able to do that through the secondary trading market hosted by FundedByMe.

Risk Analysis

Main risks
  • Critical mass not reached for the service to operate (not enough riders to be matched)
  • User acquisition costs higher than expected
  • Our payment options not supported in some countries
  • Competitors may enter the market
  • Transportation industry changes rapidly
Mitigations
  • Concentrate marketing on a specific area to increase the user base
  • Keeping up-to-date with industry and be well prepared to adapt quickly
  • Implement support for new payment options