Ken Yeung is a reporter for The Next Web based in San Francisco, CA. He carries around a big camera & likes to write about tech, startup Ken Yeung is a reporter for The Next Web based in San Francisco, CA. He carries around a big camera & likes to write about tech, startups, parties, and interesting people. Follow him on Twitter, on Facebook, and Google+.
Today, Flywheel announced that it has raised $14.8 million in series B funding led by Craton Equity Partners to help the ride-for-hire service expand across the United States.
Formerly known as Cabulous, Flywheel enables users to request taxi cab pickups wherever they are. Once summoned, passengers can track where their drivers are and pay for the ride through the app. The company also provides an enterprise-level dispatch system.
In addition to Craton Equity Partners, the company also received funds from existing investors, RockPort Capital and Shasta Ventures. It brings the company’s total funding to nearly $25 million.
Currently, Flywheel only operates in San Francisco and New York City, but it is testing out its service in eight other cities around the United States, including Cleveland, Louisville, Miami, Oklahoma City, and Daytona Beach.
David Asamow, Partner at Craton Equity Partners said in a statement: “Flywheel’s strategy aligns with our firm’s focus on environmental awareness and we believe that taking taxis to get around our cities is one of the greenest, most urban-friendly actions anyone can take. We’re pleased to participate in providing the capital to support Flywheel’s expansion plans, and look forward to assisting with the mass adoption of Flywheel’s service”
But don’t think that Flywheel has cornered the market — it hasn’t. It is in competition with GetTaxi, Taxi Magic, Hailo, and others.
Photo credit: Mario Tama/Getty Images
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