Jayride Group Limited (ASX:JAY) has secured a finance facility of $3 million from Pure Asset Management Pty Ltd.
The funds will be in two tranches of $2 million and $1 million each, with the first tranche of $2 million expected to be drawn down this month.
“Well-positioned for continuous growth”
Jayride managing director Rod Bishop said: “Following the addition of ride-hailing companies like Lyft and Gett to the Jayride marketplace, as well as rapid expansion into new territories, Jayride is well-positioned for continuous growth.”
“This new funding will help us ensure we can execute our strategy while fully funding the growth of the company towards profitability.”
Jayride’s platform aggregates ground transfer companies and distributes them to travellers at Jayride.com, as well as through partnerships with other travel technology platforms, travel agencies and wholesalers.
These partners implement Jayride.com APIs to sell ground transfers and add new incremental ancillary revenue to their travel business.