ImpactAlpha, May 4 — Public transportation is increasingly inaccessible for low-income workers in the U.K., particularly in rural areas. “Half of the lowest-earning 20% don’t own a vehicle and can’t afford to commute by cab,” said RideTandem’s Alex Shapland-Howes.
Nearly 5,000 bus routes, or more than one in four, have been axed since 2012, he says, “and outside cities and larger towns, services that remain are often prohibitively expensive, infrequent and unreliable.” London-based RideTandem works with employers and local transportation providers to offer low-cost and sustainable commuting as a benefit for employees.
The startup says trips on its platform reduce carbon emissions by 1,000 metric tons a year versus the same trips made by car. Employers can purchase carbon credits to offset the remaining emissions. The company says it has helped workers save more than $12.5 million on transportation.
1818 Venture Capital, Ascension Ventures, Seedrs, Sustainable Ventures and Low Carbon Innovation Fund invested in RideTandem’s round.