Urbvan raises $9 million for its private shuttle service in Mexico
As cities in emerging markets grapple with increasingly traffic-clogged and dangerous streets, Urbvan, a startup providing private, high-end transportation shuttles in Mexico, has raised $9 million in a new round of financing.
Co-founded by Joao Matos Albino and Renato Picard, Urbvan is taking the reins from startups like the now-defunct Chariot and tailoring the business for the needs of emerging market ecosystems.
Hailing from Portugal, Albino arrived in Mexico City as a hire for the Rocket Internet startup Linio. Although Linio didn’t last, Albino stayed on in Mexico eventually landing a job working for the startup Mercadoni, which is where he met Picard.
The two men saw the initial success of Chariot as it launched from Y Combinator, but were also tracking companies like the Indian startup Shuttl.
“We wanted to make shared mobility more accessible and a little bit more efficient,” says Albino. “We studied the economics and we studied the market and we knew there was a huge urgency in the congested cities of Latin America.”
Unlike the U.S. — and especially major cities like San Francisco and New York — where public transportation is viewed as relatively safe
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