Hoop Carpool, the shared mobility startup, has raised US$1.3 million in investment funds in a round led by Ship2B Ventures through BSocial Impact Fund, with additional support from Banco Sabadell, FEI, AXIS, and 4Founders Capital. Other investors included Lanai Partners and various business angels.
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With presence in Spain, Portugal, Mexico, and Colombia, Hoop Carpool has facilitated more than 60,000 trips for over 60 clients. With these new funds, the company plans to boost its platform and expand its operation to new markets.
The company aspires to achieve a turnover of €1 million in the next year, double its team, and reinforce its presence in Spain. Its business model is based on carpooling, with the aim of decreasing the number of cars on the roads, thereby reducing CO2 emissions.
Through its digital application, Hoop Carpool connects drivers and passengers to share regular trips to workplaces, universities, or other common destinations. In this way, the startup encourages people who head to the same places daily to share their journey, especially in cities with severe traffic and pollution problems.
Carpooling Market in Latin America
The use of shared rides is becoming more and more of a trend in the region, and the phenomenon is more associated with insecurity rates than with the ecological awareness of users. According to Dalia’s survey, 45% of the population in the region with a smartphone living in urban areas has used a shared ride app or site, with Mexico leading at 58%.
While in the rest of the world, the global carpooling market was valued at US$ 21,420 million in 2021 and is expected to reach US$ 61,240 million by 2026, with a CAGR of 17.32% during this period.
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Why is it relevant for LatAm VCs?
- The trends of companies and international funds towards creating a sustainable world are growing day by day, and many countries already have regulations on the subject. The possibility of investing in an eco-friendly offering is always an option.
- Carpooling is a rapidly expanding market, with projections indicating growth at a compound annual rate of 17.32% until 2026.
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