Twitter LinkedIn
    Friday, June 9
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Investments»Low Carbon Innovation Fund 2 invests in SKOOT
    Investments

    Low Carbon Innovation Fund 2 invests in SKOOT

    January 20, 2021Updated:January 20, 20212 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    Turquoise, a UK merchant bank specialising in energy, environment and efficiency, has announced its seventh deal for the Low Carbon Innovation Fund 2 (LCIF2), a GBP330,000 investment in mobility app company SKOOT RIDE.COM Ltd (SKOOT).

    SKOOT was founded in 2019 to promote and facilitate lift sharing amongst friends and colleagues. Passengers share the costs of the journey, but as the driver does not make a profit, this ensures that the driver is not subject to the regulations governing taxi services. The passenger will pay between 10% and 30% of the cost of a traditional taxi.

    SKOOT’s app went live on Apple and Android in September 2020, with architecture built for scale, and current capacity to handle a million rides per hour. In addition to lift sharing, SKOOT has also built ERRANDS, a service to help friends to support each other with errands such as collecting medicine from a pharmacy or click ‘n’ collect shopping, either for free or for a GBP5 tip. The service is proving timely among those quarantined or shielding at home.

    Francis Wright, managing director at Turquoise, says: “We were impressed by the SKOOT team who are already proven entrepreneurs. SKOOT has advantages of safety, cost, environmental impact and regulation compared with taxis. The platform is already built and robust and we see potential for large scale and international expansion of this innovative business.”

    Greg Gormley, CEO of SKOOT, adds: “We are delighted to be joined by LCIF2 and welcome them on this exciting journey. At SKOOT we ensure all drives taken on the platform are carbon negative by planting a tree for every three journeys. SKOOT connects friends and enables them to help one another, whether by getting them somewhere or collecting something for them, all through an easy-to-use app.”

    LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.

    Source: Private Equity Wire

     

    Image  Source

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    funds Investments Mergers and acquisitions
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    UBS Agrees to Buy Credit Suisse for $3 Billion in Historic Deal – Copy

    March 19, 2023

    UBS Agrees to Buy Credit Suisse for $3 Billion in Historic Deal

    March 19, 2023

    Private equity firms Apollo and KKR among those reviewing Silicon Valley Bank loans

    March 16, 2023

    CAI raises over $1B for inaugural fund and co-investment programme

    November 18, 2022

    Comments are closed.

    Other Articles

    Hines raises €900m at first closing for latest European value-add fund

    June 2, 2022

    BlackRock CEO Larry Fink sees 18% pay rise

    April 5, 2021

    TPG-backed SPACs to raise more than $1 bln via IPOs

    March 9, 2021

    ‘PE/VC record investments of $5.8 bn on the back of large startup deals’

    March 17, 2022

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2023 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.


    Lost password?