Ryde, a local carpool app which was launched in April, has found favour with investors, raising $1.5 million in its seed-round funding that ended last week
Ryde raises $1.5 million in funds More than 10,000 users have signed up with Ryde, with about 60 percent of them being passengers. There have been 2,500 trips made through the app since April.

Founder Terence Zou said that the funds came from a few angel and private investors, but he declined to name them, The Straits Times reported. Mr. Zou, a Harvard Business School graduate, said the money will go towards recruiting more engineers and marketing staff, as well as enhancing the app's matching algorithm and adding more features. There are also plans to launch the app regionally, he added.

Ryde connects private-car drivers and passengers using Global Positioning System technology so they can carpool. Depending on the distance, the app proposes a payment of between $5 and $15, which the driver can choose to collect from the rider to defray the cost of the journey, such as petrol and tolls.

There are other carpool apps and websites here, such as Tripda, SwiftBack, ShareTransport.sg and Carpool. Joining the fray is GrabTaxi, which said last week that it will launch a carpooling option, called GrabHitch.