Sidecar looks to grow as competition for larger ride-sharing services Uber and Lyft, announcing Monday that it has raised $15 million in funding.
The funding is aimed toward helping the San Francisco-based company improve its Shared Rides carpool feature and expand its service across the U.S., according to CNET. The achievement also puts Sidecar's total amount of money raised at $35 million.
Despite receiving the funding, Sidecar still has a lot to do to catch up to Uber and Lyft, as the former is currently valued at $18.2 million and the latter is valued at over $700 million.
Sidecar released the most recent version of its service in February, giving users the ability to pick their drivers and cars, as well as more flexibility with prices, TechCrunch reported. Shared Rides, the most recent feature to be added to the service, matches customers with other nearby drivers who provide the user with the car and the cost for the ride, giving users a chance to save money on rides.
The company says it launched the feature four months ago, and has since provided Shared Rides to 13,000 people. It added that it is looking to give 500,000 rides in one year while it expands the service locally and "beyond."
The funding was provided by Avalon Ventures, Union Square Ventures, and Virgin founder Sir Richard Branson, CNET reported.
"I like companies that are innovative, offer exciting customer experiences and make the world better," Branson said. "An entrepreneurial company like Sidecar can take on the big guys with innovation and big ideas, not just big bank accounts."
Branson added that his support for Sidecar comes from his belief that ride sharing is not a "winner takes all market," TechCrunch reported.
"There are early days and, like a lot of other commodity businesses, there is room for innovators on great customer experiences," he said. "Sunil and Jahan and the team have the potential to make a real difference in the market."
