Mark Cuban Backs Fetii Rideshare, Eyes Global Expansion and Profitability

February 18, 2025
Mark Cuban Backs Fetii Rideshare, Eyes Global Expansion and Profitability
  • Fetii, a group rideshare app founded by Matthew Iommi during his time at Texas A&M University, aims to address the transportation needs of larger groups.

  • Unlike previous group ride services like Chariot and Uber Charter that faced challenges, Fetii has strategically focused on the college demographic, appealing to young adults who often travel in groups.

  • To build its customer base among college students, Fetii partners with university organizations and offers free first rides.

  • The startup has gained significant traction, operating in 68 cities across six states, including major urban centers like Dallas, Houston, and Atlanta, and transporting over 200,000 passengers each month.

  • Fetii's app facilitates individual fare payments through QR codes, making the payment process straightforward for users, with typical fares around $5 per person.

  • Recently, Fetii secured $7.35 million in seed funding led by Mark Cuban, with plans to expand into new markets such as Florida, California, and Massachusetts.

  • Cuban's investment in Fetii was influenced by positive feedback from his daughter, who frequently uses the service, underscoring its appeal to the target demographic.

  • Cuban sees potential for Fetii to grow globally and emphasizes the importance of profitability over acquisition as a key goal for the startup.

  • Fetii allows groups of 7 to 14 passengers to book on-demand rides, offering a more sustainable and cohesive experience compared to traditional ride-hailing services.

Summary based on 1 source


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