Peer to Peer vehicle sharing marketplace, Rent Your Ride gains integrative investment from Vancouver-based Moken Group through MokenLabs program prior to Canadian launch.
Rent Your Ride — a Winnipeg-born early-stage startup has announced the official launch of their digital platform in conjunction with the Vancouver-based, MokenLabs program. Although new to the program, this platform has been two years in the making and promises to overcome the many issues presented by today’s tumultuous financial environment through providing everyday individuals the ability to generate extra income. Rent Your Ride is a peer to peer vehicle sharing marketplace where guests can book virtually any vehicle they want, whenever they want it, wherever they want, from a vibrant community of locals.
Rent Your Ride founder, Michael Okoye originally began building the platform with Binary Vision, a digital product design and development firm based in Winnipeg, and a member of the agency network within the Moken Group. As development progressed, it became obvious that the an integrative approach through the Moken Group’s early stage startup investment program, MokenLabs, would help take Rent Your Ride to the next level. “In our eyes, making a substantial investment within Rent Your Ride through the MokenLabs program became a logical next step for us. Investing in Canadian born startups is something we really embrace through the program and the ability to do so with a startup from our Canadian hometown of Winnipeg, with a founder we have been working hard with for years, made it that much more special.” say Mohamed Ibshara, a partner at Moken.
In regards to the partnership, Okoye stated that “as a Founder, when you are developing a team in the early stages of your company you want a team that is as invested in your idea as you are. The Moken Group has proven to be just that! As well as a tremendous asset to Rent Your Ride by providing tools and guidance to strengthen the brand and build a foundation to slingshot it to a global scale.”
Along with the rest of the Rent Your Ride team, Okoye has been working directly with Moken Group founders, Mohamed Ibshara and Kendra Garagan and says “I was more than excited to be one of the first companies to join MokenLabs, upon joining the 2020 Trailblazer program they took the time to really understand the business. The attention to detail and the effort that was put in to understanding and growing the business is something that is at a unprecedented level. Between the daily phone calls and presentations with the executives in the Moken Group I can confidently say they are as invested as I am in this company which is what you want to see when you take on a new partner.” With this announcement, Rent Your Ride joins the ranks of MokenLabs’ fresh portfolio of companies including Blu Pharmaceuticals, On Your Way, Prommoto, and Postess, among others.
Currently, the Rent Your Ride HQ is based in Winnipeg, with members ranging from developers to graphic designers, marketers, and operations managers. However, within the coming months, Rent Your Ride is looking to expand Canada-wide as the team targets an integrative marketing approach and aims to target unique markets such as universities, and colleges to provide an extra source of income individuals such as students.
Moken’s Ibshara, who has been working closely with the product team from the beginning noted that, from the start of this product they challenged the team to create an innovation aimed at scale. From the moment they began, the focus was on usability and user experience with functionalities posed to eliminate many of issues currently seen within the other industry products. He also stated that, “With Michael at the helm, and Rent Your Ride marking one of our largest investments to date, we hope to create waves across Canada in the peer-to-peer marketplace industry while doing what we can to provide revenue generating opportunities for all. And that’s not just in the typical car sharing arena, but in all types vehicles. Thus, positioning Rent Your Ride as a uniquely diversified new market contender.”
MokenLabs is a unique startup launchpad focused on taking startups from ideation to a high growth stage. The program offers a variety of services, experts, resources, and solutions for any stage venture, to perfectly align with each startup’s needs. Each MokenLabs program is customized and molded on an individual basis to ensure success is achieved for every founder, venture, and team. In addition, we strive to achieve a high growth status, and increased user adoption for every startup we work with.