Berlin-based corporate mobility management company Rydes announced a €3.5M Seed round ($3.85M).

 

Berlin-based corporate mobility management company Rydes announced a €3.5M Seed round ($3.85M).   The startup's platform enables paying in advance rather than submitting for mobility expenses coverage. Rydes plans to use the funds to expand throughout Europe and the U.S. "Across Europe, governments are taking steps to promote multi-modal mobility and incentivize its use, including providing subsidies for both employees and employers to utilize rail and public transport," said Jessica Robinson, Partner at Assembly Ventures, which led the round along with Rethink Ventures. Other participants in the round included Lufthansa Group, Porsche Digital's Forward31, and Arabella Venture Capital.