Fetii Transforms Group Ridesharing with On-Demand Rides and Major Investment

Founded in 2020 by Matthew Iommi and Justin Rath, Fetii is a group rideshare app designed to provide an on-demand transportation solution for groups of 7 to 14 passengers. The idea stemmed from Iommi’s experience as a student at Texas A&M University, where he noticed that large groups of students often had to split into multiple cars, which was inefficient and inconvenient. Traditional charter services were also problematic, requiring advance bookings and often charging for hours that weren’t needed.

Fetii aims to fix these issues by offering an app-based service that allows users to book rides on-demand. The app allows individuals to pay separately via QR codes, avoiding the hassle of one person fronting the full fare. Fetii operates in 68 cities across six states, including Dallas, Houston, Phoenix, and San Antonio, and serves over 200,000 passengers each month. While the app does offer the option to reserve rides in advance, 75-80% of rides are booked on demand.

Recently, Fetii closed a $7.35 million seed round led by investor Mark Cuban, who was introduced to the platform by his daughter, a frequent user. Cuban’s investment comes on the heels of failed group rideshare attempts like Chariot and Uber Charter, which failed to succeed due to targeting niche, commuter-based markets. Fetii’s strategy, however, has focused primarily on college students, creating a service that appeals directly to young adults who often travel in groups for social events.

“We’ve created a service and brand that’s geared toward young adults who tend to gather in groups more often,” said Iommi. “It’s the key thing others haven’t figured out.” Fetii’s riders are primarily between 21 and 30 years old, using the app for everything from nights out to corporate events and weddings. To build awareness, Fetii partners with college organizations and offers first-time riders a free ride. The approach has allowed the company to establish a loyal user base and create an efficient driver network.

Fetii’s rapid growth is supported by its unique vehicle service provider (VSP) program, which allows fleet owners and drivers to join the platform. The company plans to expand into Florida, California, and Massachusetts, continuing its grassroots approach of starting on college campuses and growing outward.

Cuban, who has also been vocal about his preference for building profitable companies, sees Fetii’s potential for global growth. “Fetii has a chance to do amazing things,” he said. While Iommi initially considered an acquisition by a larger rideshare company, the focus now is on sustainable growth and profitability.

Source: TechCrunch