Lufthansa Innovation Hub has spun off its RYDES brand, a mobility startup that was originally founded in 2018.
According to a release, Lufthansa Group and Porsche are now minority stakeholders in the startup with Porsche’s Forward31 venture arm acquiring a stake.
The majority of the newly established company is owned by the founders.
Back in 2019 the app rewarded travelers for using public transport services and enabled them to use reward points for free minutes on transport, free coffee or build them up for Amazon vouchers.
RYDES has just released functionality enabling travelers to find and book different elements of transport.
It also now offers a mobility budget feature which enables companies to provide employees with a monthly budget to use for mobility including bikes, e-scooters and shared taxis.
Trips are also offset using Compensaid, another Lufthansa Innovation Hub-grown business.
Gleb Tritus, managing director at LIH, says: “The spin-off and subsequent funding for RYDES has been a great success. Once again, we are proving that startups from corporate digital units can adapt to market conditions. With Forward31, Porsche's company builder, we have gained an important strategic partner that shares and further enhances our vision of a seamless mobility chain.”
RYDES says its first customer is WeWork which means companies and members using the flexible office provider can take advantage of mobility service.
Rene Braun, who was responsible for developing RYDES within LIH and becomes founder of the new company, says:
“We are completely rethinking employee travel and creating flexible and open access to mobility. Rather than enticing employees with a company car, companies promote their mobility in a flexible and sustainable way via our app. Moreover, mobility providers can generate additional business by being integrated into our platform."
Braun is joined by Martin Miodownik, formerly with GetYourGuide, who will spearhead expansion.