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Ride Tandem

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We're creating a new flexible model of public transport, especially for those outside big cities.

100%
 - 
Funded 5 Dec 2021
£1,420,000 target
£1,433,910 from 470 investors
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Business overview

Location London, United Kingdom
Social media
Website www.ridetandem.co.uk
Sectors Automotive & Transport Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 11908428
Incorporation date 27 Mar 2019
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Investment summary

Type Equity
Valuation (pre-money) £6.1M
Equity offered 19.10%
Share price £0.37
Tax relief

EIS

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Business highlights

  • More than 10x in monthly revenue growth year on year*
  • Transporting workers to major clients like Primark and Royal Mail
  • More than half of our B2B clients using us in multiple locations
  • Backed by leading funds like Ascension and Sustainable Ventures
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.36 +
  • Pay by Bank payments not accepted
  • Idea
  • Team
  • Updates
  • Investors 470
  • Discussion
  • Documents

Idea

Introduction

Our mission is to connect people with job opportunities, key services and social connections by building a new, more flexible form of public transport.

Public transport is broken outside of big cities. It’s expensive, it’s unreliable and with over 3000 bus routes cut in the last 10 years in the UK alone, it just doesn't get people to the places they need to go. In many towns – not least those the government talks about wanting to ‘level up’ – this even includes the ability to go to work.

Our technology turns existing taxi, minibus and coach fleets into smart, shared shuttles. We call on their fleets when needed but incur zero costs and create no emissions when they're not.

We’re growing through a B2B2C approach, selling services to businesses who are struggling to recruit people because people literally can't get to where those jobs are, often in out-of-town warehouses or business parks where there's no public transport at all.

Substantial accomplishments to date

We launched live operations in October 2019 and are proud of what we’ve achieved:

Strong revenue growth - over 10x revenue growth between October 2019 and October 2020, and then another over 10x revenue growth between October 2020 and October 2021*.

Marquee B2B and B2G client roster - taking workers to the likes of Primark, Royal Mail and Waterstones on the private sector side, and helping transport students and staff between different University of Warwick campuses for the public sector.

Strong client satisfaction - the majority of clients are using Tandem across multiple locations

Social impact - more than £3.5m of wages earnt in roles people couldn't have access without Tandem through to end-September 2021 (assumes £9.50/hour increasing to £10.50/hour after September 2021; with an 8-hour working day on average).

Environmental impact - more than 20 passengers per Tandem vehicle compared to average commuter car of 1.16 passengers.

Investors - backed by leading VCs like Ascension and Sustainable Ventures.

2020 finalist for the UK Business Angels Association award category “Outstanding Resilience in a Challenging Time”.

*Based on unaudited management accounts

Monetisation strategy

The financial risk in launching new services is ‘underwritten’ by our B2B/B2G clients. We collect passenger fares through our app and if the sum of those fares is less than the total cost of running the service (including Tandem’s profit margin that is added on top) then we invoice the B2B/B2G customer for the difference.

For example - assume cost of one of our route services is £530/day (after accounting for the normal cost of our transport partner's service and Tandem's profit margin on top). Passengers are charged £5 for a return trip. If there are for example 100 passengers across two shifts per day, then £500 of passenger fares would be collected, meaning that the underwriting client like an employer would pay just £30/day to cover the remaining shortfall.

The underwriting model also means that clients have a strong incentive to market Tandem’s service to the passengers.

Use of proceeds

Because we don't have to invest capex in our own vehicles (because we access the supply of our local transport partners with existing fleets), the majority of proceeds will be spent on growing our team. In particular:

a) We’ll hire our first dedicated business development team members, to expand our reach across the UK and begin preparation for international expansion when we raise our Series A round

b) We'll also expand our product and engineering team, to continue developing our technology, to help us sell to more B2B and B2G clients, and to make sure we're delivering a first class service to every single one of our passengers, every single day.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £6,072,033

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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