Ridesharing Start-up Avego Raised $5.6m

Ridesharing Start-up Avego Raised $5.6m
Irish ride-sharing and transport management system provider Avego today announced to have secured $5.6 million in a Series A round led by SOSventures. Avego had previously raised seed capital of $4.5 million. The new funds will be used for Avego's continued global expansion and product development.

The company offers two lines of products: Avego Shared Transport, a ridesharing application that matches drivers and riders in real time as they travel; as well as Futurefleet, a real-time management system for passenger transport operators.

According to Avego, “Shared Transport has been used by thousands of people in more than 65 countries worldwide and was recently chosen by the State of Washington Department of Transportation (WSDOT) for its go520 Real-time Ridesharing Pilot Project.” SR 520 is one of two east-west roadways across Lake Washington and carries 115,000 vehicles (190,000 people) each day.

Avego was profiled by GPS Business News in a special feature about ridesharing written by David Montgomery in May 2010. (read here)

Tuesday, December 14th 2010

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