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BMW, Volvo Invest in Ride-Sharing Startup
Zum, a Silicon Valley-based startup ride-sharing service for children, says it has raised $40 million from investors that include BMW and Volvo Cars.
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Zum, a Silicon Valley-based startup ride-sharing service for children, says it has raised $40 million from investors that include BMW and Volvo Cars.
Founded in 2015, Zum provides a smartphone app that facilitates rides for students to and from school-sponsored activities. Drivers must have child care experience, a clean driving record and are subjected to multiple background checks.
Vehicles must pass a 22-point inspection before being approved. Volvo says it may provide vehicles to drivers in the future. Parents and schools can track scheduled trips via a smartphone app and online dashboard.
Zum says it currently operates in 400 California cities, serving more than 2,000 schools. The company plans to use the new funding to expand to other states and to refine its proprietary route-planning algorithms and machine learning technology.
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