Developer of Decentralized Ride-Sharing App Teleport Raises $9M in Bid to Compete With Uber, Lyft
DEC wants to create a decentralized ride-sharing community and take market share from established companies.
The Decentralized Engineering Corporation (DEC), which developed ride-sharing app Teleport, has raised $9 million in seed funding in a bid to compete with established ride-sharing apps such as Uber and Lyft.
DEC, a software developer, will use the proceeds to further grow Teleport, which is powered by DEC’s TRIP protocol. The project is built on Solana.
Teleport seeks to address some of the headwinds faced by traditional ride sharing, giving control back to drivers and customers, according to its founder, Paul Bohm. “We're giving ownership to anyone who brings people using the protocol, because the protocol should reward the people building it well,” Bohm told CoinDesk.
The seed funding was co-led by Steve Vassallo at Foundation Capital and Thomas Bailey at Road Capital. Additional strategic investors that joined the round included Josh Mohrer, who was previously a general manager of Uber New York.
Teleport’s app is expected to be live at the end of the fourth quarter of this year, the company said in a statement Thursday. It will be piloted at Solana’s Breakpoint event in November, as well as at Art Basel in Miami this December.
“By turning ride-sharing into a protocol, Teleport is building what we couldn’t build at Uber in 2010, and what Uber should be building today,” Ryan McKillen, a former product manager and the first software engineer at Uber who also participated in Teleport's seed funding, said in the statement. “Riders and drivers will migrate from centralized middlemen to an open economy with aligned economic incentives."
Read more: Why Decentralization Cultivates Community
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.