Volt, a ride sharing startup where we’re investors, recently completed a new funding round. We participated in the round together with Wamda Capital and Middle East Venture Partners, two of the leading venture funds in the Middle East, as well as angel investor Ali Cebi. Volt’s founder Ali Halabi worked hard to pull together a group of regional investors with knowledge of ride sharing practices in different markets. We’re fortunate to be able to partner with each of Volt’s new investors.
In the run up to its funding round, Volt has been focusing on getting its product in excellent shape. The Volt app now includes features like real-time traffic information, favorite destinations, and trending destinations which make it easier for both drivers and passengers to use the app. This is on top of features like communities, ID verification, and ratings which are used to establish trust, and a miles program for drivers to earn rewards whether they’re driving solo or with a passenger (more rewards if they’re driving with a passenger), which existed in previous versions of the app. If you had tried earlier versions but haven’t checked the app out recently, I’d encourage you to take a look. I think you’ll be impressed with the improvements.
The round comes at a good time because, now that the product is in great shape, Volt can focus on filling the top of its funnel with new users. If we’re right, the new product features will improve match rates between passengers and drivers, ensure that each side has a positive experience using Volt, and get both types of users to return to the app.