Artist’s impression
Splend, the largest hirer of vehicles to rideshare giant Uber in Australia, has received a cash injection of $A150 million to help the young start-up accelerate its shift to green mobility.
Pollen Street Capital, a UK-based ESG-focused private capital asset manager, led the round with a new credit facility to assist Splend in its transition to electric cars, as well as to help the rapidly rising number of on-demand workers earn an income and succeed.
The six-year-old startup, which operates in ten cities across Australia and the United Kingdom, will play a vital part in ridesharing platforms’ attempts to reduce emissions.
By 2024, Splend says it plans to have a fleet of 10,000 electric rideshare and delivery cars and will offer a growing number of zero-emission items to its members. We are waiting to find out how many of these will be offered in Australia.
And the company won’t be sitting on its laurels to make it happen, said Chris King, CEO and founder of Splend in a LinkedIn post regarding the funds: “…with this capital we now move into full execution mode,” he said.
“The next few years will still be bloody tough and a huge challenge as we deliver on our ambitious and bold growth plans- we’re up for this and ready for this rewarding journey ahead!”
CEO and founder Chris King. Source: Splend
Splend, which was founded by King in 2015, has grown to become the leading global provider of flexible car subscriptions for on-demand drivers, thanks to an emphasis on technology and analytics.
Splend’s solutions provide drivers with both freedom and the possibility to buy their vehicle, challenging the existing car finance business, which struggles to fulfil consumer expectations and provides little to no flexibility.
“We are excited to partner with Splend and support the business as it works to decarbonise rideshare and delivery services. This facility aligns strongly with Pollen Street’s commitment to investments that drive positive impact,” said Michael Katramados, partner at Pollen Street Capital.
Splend is dedicated to supporting its members through all aspects of on-demand driving and the team’s focus on transitioning the industry to green mobility is something we are proud to support.”
Keyword: Uber partner Splend to fast track EVs in Australia after $150m cash boost