In the Fast Lane: NEM Ventures Drives Forward Ridesharing Initiative Mobi

Blockchain VC fund, which focuses on commercially viable projects that utilize or benefit the NEM ecosystem and XEM adoption, invests in safe and affordable carpooling app

Gibraltar – June 4, 2019 – NEM Ventures , the venture capital and investments arm of the NEM blockchain ecosystem, has announced a seed round investment in ridesharing app, Mobi , which facilitates safe and affordable carpooling to help alleviate pollution.

First hitting the Australian market in Melbourne, Mobi leverages the NEM blockchain to change the face of commuting.

By incorporating NEM Catapult, Mobi is able to utilize the protocol’s many features to provide an enhanced app experience for commuters. We are always looking for ways to utilize blockchain to promote social change, which is what drew us to this project in the first place. Mobi aims to further the sustainability agenda with a focus on creating long-term shareholder value while driving home the fact that profitability is not a trade-off for sustainability.”

On the app, commuters pre-arrange rides up to a week in advance, by selecting which dates and times they will be requiring or providing services. Commuters will also have control over who they choose to ride with, both parties can connect in advance via the app’s chat function and funds are held in escrow – reducing counterparty risk. Mobi will also be building an incentive-driven partner network to enable businesses to connect employees for their commuting needs.

 

Daniel Logan, Co-founder of Mobi, commented: “In Melbourne, the first city on our roadmap, there are approximately 2.1 million commuters and 1.3 million car drivers.

Mobi bridges this gap by creating a convenient and affordable way to make commuting a more positive experience for all. The app creates a sustainable solution, which can help limit carbon emissions, travel congestion, and free up much needed parking

spaces across densely populated cities. NEM allows this to happen more transparently, efficiently and cost effectively and we are happy to partner with the community strategically.”

 

Mobi have a Minimum Viable Product (MVP) tested with a live pilot of approx 200 users and they have confirmed partnerships with 3 major universities across Australia giving access to circa 40,000 potential users to begin scaling.

 

The app integrates peer-to-peer payments facilitated and will use NEM Catapult’s aggregate transactions as an escrow service, expected to be available shortly after NEM’s public chain Catapult release. Other uses of the NEM blockchain solution are expected to be used record multi party payments, loyalty points and storage of data on carbon emissions and sustainability measures.

 

“NEM is built around a powerful system which provides us with direct API access to a specialized set of tested and secure on-blockchain features, and we are aligned in our mission to bring sustainable ridesharing to the masses,” Logan continued.

 

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David Mansell, Director and Co-founder of NEM Ventures, and Daniel Logan, Co-Founder of Mobi, are available for interview.

About NEM Ventures

NEM Ventures is the venture capital and investments arm of the NEM blockchain ecosystem. Specialising in high tech investments, NEM Ventures promotes the growth of the ecosystem through strategic investments in projects which align with the ethos of the NEM community. NEM Ventures was mandated by the community in a public vote to manage a pool of reserved funds to meet these aims.

NEM Ventures focuses on projects which demonstrate a truly differentiated product, the ability to generate positive net income in the medium term, and founders who showcase the desire to move the blockchain ecosystem forward. Founded in 2018, NEM Ventures is a relatively new member of the NEM ecosystem and comprises a small, highly motivated team of investment and technology professionals.

 

About Mobi

Mobi is an Australian-based startup that partners with organisations to implement their carpooling application internally, to enable colleagues to share rides to and from work.

Mobi ‘s mission is to promote a more sustainable carpooling alternative, by reducing carbon emissions and traffic congestion, and putting more people in fewer cars. They utilise the NEM blockchain with a variety of built-in features.

Mobi is currently in its post-trial refinement stage, and will be available on IOS and Android devices in Quarter 4 of 2019.

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