The two-year old Austin, Texas-based company has been accepted into business accelerator Y Combinator's summer “batch” which brings with it $500,000 in cash and an intensive three-month mentoring program, beating out hundreds of other companies for the coveted mentoring program and financing.
Founded in August, 2020 Fetii is a ride sharing service that only serves groups using 15-seat vans. However, Fetii owns no vehicles. Rather, it is a technology platform. According to Iommi, 80% of its vehicle supply comes from Fetii passenger service providers, or PSP's modeled after Amazon's
Y Combinator partner Brad Flora said Fetii's unique business and operating models made inviting the company into its fold basically a no-brainer, telling Forbes.com,"Fetii uses technology to take the friction out of booking travel for a group of people. The app makes it seamless for groups to get from point A to B together and handles the awkward task of paying for the ride. Funding this talented team of longtime friends who are already seeing early traction was an easy decision.
New money would certainly give Fetii fuel for its intended expansion plans. Now operating in Austin, College Station and Lubbock, Texas, Iommi says the goal is to expand to new markets. Dallas, Houston and San Antonio, Texas are under consideration along with Y Combinator home base of San Francisco. Indeed, reducing traffic congestion and emissions by transporting people in groups rather than individually is a key element of Fetii's mission.
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