Jayride targets growth after taking latest funding round to $5 million

Additional funds will be deployed in product and technology

Airport transfers marketplace Jayride has raised $5 million to drive growth in 2020.

The total was made up of $3.2 million from new investors, announced in November, and a further $1.8 million from existing shareholders announced today.

Managing director Rod Bishop said the additional funds will be deployed in product and technology as the business continues to scale.

“We are delighted to complete this capital raise and welcome the support of our new and existing shareholders.

“It is a strong endorsement of our strategy as we continue our rapid growth to serve our travellers globally at scale.

“We will deploy the funds into new technology to enhance the traveller experience, so that travellers keep coming back time and time again.”

Jayride offers airport transfers in more than 100 countries through partnerships with more than 3,400 transport companies and books more than 1,000 passenger trips each day.

Bishop, board members and senior management participated in the capital raise, which saw Thorney Technologies become a significant investor with just over 5% of the business.

Thorney Chairman Alex Waislitz claimed Jayride has first mover advantage in the airport transfers niche and a promising future.

“Jayride has identified a global online travel market niche and is building out a worldwide transport network in more than 100 countries,” he said.

“They have good technology and first mover advantage. We believe they have a promising future.”