Kaszek Ventures and Angel Ventures Mexico invest $9M in Urbvan

LatAm ListUrbvan, a Mexican mass transit mobility app, raised $9M from Kaszek Ventures and Angel Ventures Mexico, along with Liil Ventures and DILA Capital.

The app’s model allows its users to travel on pre-established routes in heavily congested cities. Urbvan’s affordable prices and focus on security has encouraged its users to stop driving their cars and choose shared transportation instead. Thousands of Urbvan users travel daily with Wi-Fi, security cameras, and real-time GPS tracking. 

“We are fascinated with how Urbvan meets their users’ need to travel safely and comfortably to get to their jobs. It is no longer necessary to travel by car since there is an affordably priced solution. Urbvan also promotes productivity by making wireless internet and electrical outlets accessible during the trip,” said Hernán Kazah, Managing Partner of Kaszek Ventures.

Urbvan has managed to improve its users’ quality of life, and reduce traffic congestion and air pollution in Mexico City, one of the most populated cities in the world.

 “In our impact report, we saw a reduction in the number of vehicles on the streets in Mexico City. 51% of our users have stopped using their cars to instead travel with Urbvan. In Q2 of 2019 alone, this meant a reduction of 556 tons of CO2,” said Renato Picard, Urbvan’s CEOs. 

Read more on LAVCA.

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