Investments & Funding

Mango invests in Hoop Carpool for sustainable mobility

Mango, a Spanish clothing retailer, through its accelerator, Mango StartUp Studio, is investing in Hoop Carpool, a start-up that offers companies and universities a mobility alternative that allows employees and students to share short-distance journeys efficiently and sustainably.

The investment represents the company’s financial support to the start-up through a convertible equity loan and represents Hoop Carpool’s entry into an acceleration programme through which the entrepreneurs will learn at first-hand how Mango works and will be able to scale up their business model. The Hoop Carpool team will receive advice and mentoring sessions from Mango experts. They will work with them to enhance the value proposition of their business project as part of the program. Mango will also carry out a six-month pilot trial with employees at its headquarters. They will be able to use Hoop Carpool to share a car on their commute to work, offering them a sustainable mobility alternative.

This is the seventh investment that Mango StartUp Studio has made since its launch in 2022. The accelerator has invested in companies such as Ziknes, a 3D printing start-up for architectural and design components using sustainable materials. It has also invested in Flipflow, a market analytics and business data monitoring start-up.

Hoop Carpool was founded in 2019 with the mission to transform the way people commute to work or university. It aims to optimise the average occupancy of each vehicle, improve the user experience, reduce transport emissions and relieve congestion on the roads.

The Hoop Carpool platform offers companies a carpooling solution that connects drivers and passengers sharing similar routes. This aims to shift the paradigms of urban transport through innovative technology, all backed by a strong commitment to sustainability. The Madrid-based start-up has a team of more than 25 employees and operates in Spain, Portugal, Colombia and Mexico. To date, it has facilitated more than 100,000 ridesharing trips, which has contributed to saving more than 360,000 kg of CO2 emissions.

Back to top button