CityRyde, the Philadelphia-based startup that makes software to turn bike rides into cash, has become the first company to receive validation for its carbon methodology. "It's software that tracks every bike ride," explains Tim Ericson, CityRyde CEO and co-founder. All those accrued miles can then be sold as carbon credits as part of a worldwide effort to reduce greenhouse gas emissions, adds co-founder and COO Jason Meinzer.
The company also announced that it will be receiving a total of $345,000, half from Virginia-based
New Dominion Angels, and half in matching funds from
Ben Franklin Technology Partners of Southeastern PA.
CityRyde started as a Philly bicycle sharing concept. While there are no communal bikes on the streets here just yet, in a few years, CityRyde has instead positioned itself as a global software solution provider at the juncture of transportation and energy.
The startup's proprietary Inspire software enables bike sharing programs worldwide to create a new revenue stream. Ericson explains that Inspire "pinpoints the exact amount of carbon emissions saved, so it can be aggregated and sold within the carbon space."
Eight people now work at CityRyde, which is based at Drexel's
Baiada Center. "We're hiring. It's part of Ben Franklin's requirement for funding,' says Ericson. "We anticipate having pretty extensive hiring spree in the next year." Developer positions will be advertised first, according to Ericson.
The idea for CityRyde came from a visit to Paris, where Ericson and Meinzer saw
Velib' docks everywhere they turned. "Bike sharing has completely transformed the way the city moves, and reduced traffic by 8 percent within a year of implementation in Paris," says Meinzer, who terms biking the fastest growing form of transportation worldwide, with a predicted apex in 2017.
Source: Tim Ericson, Jason Meinzer, CityRyde
Writer: Sue Spolan