Fetii’s Rideshare App for Young Users Lands Funding from Mark Cuban, YC
While studying at Texas A&M University, Matthew Iommi noticed a gap in the rideshare market for groups of people. College students heading out together often had to split into multiple cars when using traditional ride-hailing platforms like Uber and Lyft, leading to inefficiencies and a less enjoyable experience. The alternative—reserving a charter vehicle—required booking in advance and often paying for more hours than necessary, with no easy way to split the cost.
In 2020, Iommi and co-founder Justin Rath experimented with a solution by purchasing a party bus and launching an on-demand group rideshare service for seven to 14 passengers. They named the company Fetii, a French Oceanic term meaning an extension of one’s family.
“Rideshare is about bringing people together,” said Iommi, now 25.
Five years later, Fetii operates in 68 cities across six states, including Dallas, San Antonio, Houston, Atlanta, Nashville, Phoenix, and Scottsdale, transporting over 200,000 passengers each month. While the platform allows for advance bookings, the majority (75% to 80%) of its rides are on-demand.
The Austin-based startup recently secured $7.35 million in seed funding led by Mark Cuban, with participation from Y Combinator, Goodwater Capital, and others. The funds will support Fetii’s expansion into Florida, California, and Massachusetts.
Fetii isn’t the first to attempt a group rideshare model. Companies like Chariot, acquired by Ford in 2016 and later shut down in 2019, and Uber Charter, which partnered with US Coachways but quietly folded, faced challenges in sustaining operations.
Learning from these failures, Iommi and Rath devised a more sustainable approach. Instead of burning capital on expansion, they focused on scaling efficiently by targeting college students first.
“We created a service and brand that resonates with young adults, who naturally travel in groups,” Iommi explained.
Most of Fetii’s riders are between 21 and 30 years old, using the platform for social outings, bachelorette parties, weddings, and sports games. It also serves corporate events, conferences, and festivals. The payment system is designed for convenience—riders scan a QR code to pay individually, similar to Lime and Bird, avoiding the hassle of one person covering the fare upfront. The average fare is around $5 per person.
Fetii’s growth strategy begins with universities. The company partners with student organizations, sports teams, fraternities, and sororities to introduce the service. New users get their first ride free, helping establish a presence and attract both riders and drivers.
To expand supply, Fetii uses the “Fetii VSP” (Vehicle Service Provider) program, allowing fleet owners to integrate their vehicles onto the platform. As word-of-mouth spreads, the company grows organically, turning each group rider into a potential new customer.
Mark Cuban’s investment stemmed from firsthand experience—his daughter was an avid user.
“My daughter used Fetii nonstop with her friends and raved about it,” Cuban told TechCrunch. “She told me I should invest. The more I heard about it, the more I liked it.”
When asked if he saw this as a missed opportunity after rejecting an Uber investment in 2009, Cuban responded: “Uber was first, so it was a different market back then. Fetii has a chance to be global and do amazing things.”
Initially, Iommi considered an Uber or Lyft acquisition as an exit strategy, but that perspective has evolved. While open to partnerships, Fetii is now focused on scaling independently. Cuban, for his part, prefers a different path.
“I always prefer to be obscenely profitable and throw off cash,” he said.
With fresh funding and a clear growth roadmap, Fetii aims to redefine group rideshare, making shared travel more convenient and accessible for young users nationwide.
