Juno, The Uber Rival Which Offers Equity to Drivers, Looks to Raise $50M Funding
Juno, a startup looking to attract drivers from bigger ride-sharing rivals such as Uber by offering them its own stock, is seeking $50 million in its biggest fundraising round to date, according to a person familiar with the matter.
Investors have poured more than $28 billion into the ride services sector over the past decade, propelling growth at Uber, Lyft, China's Didi Chuxing and a host of smaller upstarts, such as Gett.
Economists have said there may be scope for even more competition, because ride-sharing services are relatively cheap to start, depend on contract labour with no inherent loyalty or specialized skills, and have free apps that can be downloaded in seconds.
Juno is working with investment bank Mizuho Financial Group Inc to find investors, according to the person...