Volt Lines Raises Funding from a Consortium of Regional Investors

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ArabNet Team
Aug 27 2018
Investment
Volt Lines Raises Funding from a Consortium of Regional Investors
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Volt Lines, a subscription based transportation service for employees, raised 2M Turkish Liras (approximately $370K) from Hedef Filo and Dubai-based VC MEVP with participation from Ömer Erkmen and Ali Çebi. After just 10 months since it launched, the startup’s total funding to date is 2.4M TL (approximately $390K).

Volt Lines is a subscription based transportation service digitalizing employee transport with the latest technologies. Instead of companies renting buses directly from bus operators, companies can now buy a monthly subscription from Volt Lines. Their employees get a mobile app that gives them access to unlimited rides on all Volt Lines buses.

Istanbul has more than 50,000 buses transporting nearly 1 million passengers every day. These buses operate at less than 40% occupancy on average, which is quite inefficient for companies. Volt Lines is helping companies digitally transform their employee transport and increase their employee satisfaction while reducing their costs by up to 15%.

Walid Mansour, MEVP Partner and Chief Investment Officer, said, “We’re very happy to join Volt Lines’ journey in digitally transforming employee transportation and the commute experience. Volt Lines has successfully created an exciting B2B model in Istanbul, solving a real pain for employers, employees and the city with its cloud based platform. We also see a much bigger opportunity in exporting this to MENA where the gap in public transportation infrastructure can be filled with Volt Lines’ technology and business model, leapfrogging the region to the future of smart shared mobility.”

Having commercially entered the market in April 2018, Volt Lines today serves 5 customers, with 10s of customers expected to join over the next few months. The startup has partnered up with Gürsel, Transay, and Azal on the operations side, allowing them to guarantee a reliable service for their customers.

In the near future, Volt Lines is expected to add another 2 operational partners, expand into multiple cities in the MENA region, grow its team significantly, and close another round of financing.