Mobi secures seed funding from NEM Ventures

NEM Ventures

NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem, last week announced their investment into ride-sharing start-up Mobi.

Mobi combines the convenience of ride-sharing with the affordability of public transport; reducing congestion and commuting costs across the board.

The app allows commuters to pre-arrange car sharing up to a week in advance by selecting which dates and times they require. They can also have control over who they choose to ride with before both parties connect in advance via a chat function while funds are held in escrow.

The Darwin-based start-up, which came second in Darwin Innovation Hub’s inaugural Croc Pitch, is currently in its post-trial refinement stage, and will be available on iOS and Android devices at the end of this year.

Mobi leverages the NEM blockchain to allow users to facilitate transactions between both parties while removing the need for other third-party payment platforms such as PayPal and Stripe.

David Mansell, co-founder and director of NEM Ventures, explained that the Mobi project caught his eye with its ability to deploy blockchain for social change.

“By incorporating NEM Catapult, Mobi is able to utilise the protocol’s many features to provide an enhanced app experience for commuters,” he said.

“We are always looking for ways to utilise blockchain to promote social change, which is what drew us to this project in the first place.

Daniel Logan, Mobi’s co-founder, said the app enjoyed both worlds of peer-to-peer transactions whilst actively reducing pollution.

“In Melbourne, the first city on our roadmap, there are approximately 2.1 million commuters and 1.3 million car drivers,” he explained.

“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 and travel congestion, as well as 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 currently has a minimum viable product (MVP) tested with a live pilot of around 200 users as well as confirmed partnerships with three major universities across Australia giving access to 40,000 potential users to begin scaling.

NEM Ventures, launched last year, is an investment fund focusing on commercially viable projects that utilize or benefit the NEM ecosystem and the adoption of its XEM cryptocurrency. Mobi is NEM Ventures’ second portfolio investment and follows its investment in Vimba, a New Zealand company providing instant cryptocurrency exchange and savings services.

NEM is a peer-to-peer cryptocurrency and blockchain platform that launched in 2015.