Fare.Coop Kicks off $26M Series A Funding Round, Eyeing Expansion into Seven Major Cities with its Revolutionary Cooperative Ride-Hailing and Delivery Model

TORONTO, 23 de junio de 2023 — Los esfuerzos pioneros de Direct Global en encabezar y financiar cooperativas de múltiples partes interesadas están alcanzando nuevas alturas al anunciar el inicio de la ronda de financiación Serie A de Fare.Coop/Local Driver Co-op. El ambicioso objetivo es recaudar 26 millones de dólares, lo que permitirá la expansión de sus servicios innovadores a los principales centros urbanos como Los Ángeles, Nueva York, Toronto y otros. Esta expansión tiene como objetivo llegar a decenas de millones de consumidores a través del disruptivo modelo cooperativo federado de Fare.Coop, que es comparable al impacto transformador de VISA en la industria financiera a finales de la década de 1960, que condujo a la mayor oferta pública inicial de acciones en la historia de Estados Unidos en 2008.

Fare.Coop has achieved significant milestones, including successful pilot projects in Canada and the enlistment of nearly 40,000 drivers and delivery couriers across the United States and Canada. This growth reflects the increasing demand for a fair and equitable gig economy.
To further enhance their services, Fare.Coop has strategically partnered with #driversunite, an alliance advocating for the rights of independent workers and representing millions of drivers globally. They have also joined forces with the Rideshare Drivers Network from Australia, a co-founder in the International Alliance of App-Based Transport Workers, representing drivers from various countries. These partnerships pave the way for Fare.Coop’s launch in multiple markets.
Fare.Coop sets itself apart by offering not only exceptional service but also equitable pricing. While traditional platforms charge businesses fees ranging from 20% to 35%, Fare.Coop operates with a modest 5% fee structure. This reduction enables restaurants to significantly lower their online prices, benefiting both businesses and consumers.
Moreover, Fare.Coop’s ride-sharing service is priced approximately 20% lower per mile/kilometer compared to competitors, ensuring drivers receive 90% of their earnings. By granting drivers equity, Fare.Coop empowers them to finance and own autonomous vehicles in the future. This commitment to fairness and equality positions Fare.Coop as a formidable contender against conventional gig economy platforms.
With its groundbreaking approach and remarkable achievements, Fare.Coop is now seeking Series A funding. Direct Global, a founding partner of Fare.Coop, is optimistic that investors will recognize the platform’s immense value and untapped potential.
“Boasting an exclusive alliance with #driversunite, which represents millions of drivers, and comprehending that traditional firms spend thousands per driver for acquisition, Fare.Coop already has a fully operational platform with close to 40,000 registered drivers in Canada and the USA and unparalleled customer and vendor ratings. This potent combination presents a compelling case for discerning investors. It’s clear that incumbent players would be reluctant to erode their margins to compete with our low pricing structure, given their high overheads. Moreover, they are unlikely to share equity with their drivers, a step Fare.Coop has already taken to ensure the future for the gig workers. Considering these factors, Fare.Coop emerges as the clear investment of choice,” asserted Ahmed Attia, CEO of Local Driver Co-op.
Direct Global’s endorsement by the United Nations’ Sustainable Development Program further solidifies their commitment to fulfilling Sustainable Development Goals #8, #9, and #11, focusing on inclusive economic growth, resilient infrastructure, and sustainable cities.

For more information, please visit www.fare.coop or contact the Direct Global press office at info@directglobal.world

About Direct Global
Direct Global is a trailblazer in the establishment and financing of multi-stakeholder cooperatives. The company is dedicated to empowering small businesses, gig workers, and consumers through cooperative models, with a steadfast focus on fairness and economic sustainability. Direct Global also seeded Direct Co-ops, a multi stakeholder federated cooperative aimed at becoming the world’s largest buying group, with 25,000 businesses currently registered as stakeholders.

About Fare.Coop
Fare.Coop is the world’s first multi-stakeholder, federated cooperative for the gig economy. The platform’s mission is to create a fair and equitable gig economy, benefiting all stakeholders including drivers, delivery personnel, consumers, and businesses.