UnF*ck!ng the Rideshare industry
HOVR

Ontario / Canada
Industry:
Transportation
Investment Round:
Seed
elevator pitch
HOVR is an on-demand platform featuring a subscription-based business model that drives company revenue by scaling driver participation and allowing them to take home 100% of the fares they earn, while providing a transparent app experience that clearly shows all transactions between the driver and rider and visa-versa. Over 47,000 drivers and 35,000 riders have downloaded the app.  https://www.frontfundr.com/Hovr

What problem are we solving?

HOVR addresses the number one issue in ride sharing: driver pay and the equitable distribution of fees for drivers. This ground-breaking approach occurs at a time when heightened Driver concern for financial wellness is of critical importance to them, since the leading ride-share companies only give a small portion of the ride fare to the driver. With the tagline "100% Fare is 100% Fair," HOVR is dedicated to providing a transparent and equitable ride-share service where driver’s earn 100% of their fares and pay a flat monthly fee to access HOVR’s proprietary platform, where they can see what riders pay and riders can see what the drivers get paid. In an online survey, over 50% of HOVR riders chose HOVR because of our commitment to higher driver pay. 


Driver dissatisfaction with compensation structures is growing:

  - Competitor platforms take 35-45% of ride fare

  - More than 50% of Uber Drivers quit after 1-yr

  - Pay is the single most important need 

Drivers in Toronto Currently earn less than Half of Minimum wage. 

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