Welcome to Miami’s traffic-clogged slice of paradise, Fetii.
With $7.35 million in support from investors that include Mark Cuban and Y Combinator, Austin-based on-demand ride-share company Fetii has arrived in the Miami area, Forbes reported.
But Fetii’s offering is different from the rest of the pack. It offers rideshare service only to groups in vans for up to about 15 passengers. The service, like other ride shares services, is booked and paid through its app, but Fetii splits the tab between the passengers. It’s for any group that needs to get from point A to point B, the startup says, such as for friends’ outings, corporate shuttle service, and big events.
Fetii’s announcement follows a three-week beta test in South Florida market, which Fetii defines as Fort Lauderdale to Miami, including Key Biscayne and Miami Beach, Fetii co-founder and CEO Matthew Iommi told Forbes.
Iommi calls the problem Fetii is solving the “Uber convoy.” We’ve all been there. After a conference or concert, the attendees make their way to the curb, all waiting for separate ride shares. It’s a waste of fuel and snarls traffic even worse than normal for our car-crazy region.
“Fetii is experiencing record-breaking growth because we’re solving the ‘group-density’ problem that traditional rideshare isn’t built for. With rising gas prices, consumers, drivers, and fleet operators are swarming to Fetii, where our high-capacity unit economics and revenue-per-gallon are unmatched,” Iommi said on LinkedIn.
Fetii, founded in 2020, already operates in Dallas-Fort Worth, Houston, San Antonio, College Station and Austin in Texas, along with Phoenix and Scottsdale in Arizona, Atlanta, Nashville, Tuscaloosa, Alabama, and Baton Rouge, Louisiana. More markets are coming soon, according to Iommi.
“Miami is the fastest growing launch we’ve had, compared to all of our 14 other markets,” Iommi told Forbes. “So we see this market in about 12 to 18 months, surpassing all of them and becoming our number one revenue market.”
READ MORE IN REFRESH MIAMI:
I am a writer and editor with extensive media experience and a passion for journalism and serving the community. Most of my career has been spent with the Miami Herald in business news, and my expertise is writing about tech and entrepreneurs. I love hosting this blog for Refresh Miami and we aim to be the go-to site for South Florida startup and tech news, features and views. Have news? Contact me at [email protected]. Thanks for reading! Latest posts by Nancy Dahlberg (see all)