Women-only ridesharing platform Shebah is making history from its equity crowdfunding campaign, with nearly all of its raising coming from female investors. 

Female investors contributed 95 per cent of close to $1 million in funding in the campaign’s first two weeks, significantly higher than the average 17 per cent that capital funding platform Birchal has seen on its platform to-date. The majority of the company’s new investors are becoming shareholders for the first time after experiencing the Shebah service first-hand.

Founded in 2017 by comedian & entertainer George McEncroe, Shebah has since recorded growth of 190 per cent, turning over $1.8 million in 2018, up from $500,000 in 2017. 

The company began its equity crowdfunding campaign aiming to raise $3 million to enable the company to grow its geographical footprint in Australia, launch into New Zealand and further develop the user experience on the app since its rapid growth in 2018.

CEO George McEncroe said, “We wanted to offer the fruits of our future success to the women who helped us grow, so we went out to the community of drivers and our passengers first.  We were mindful that on average less than 3% of venture capital investment goes to female-led businesses in Australia and New-Zealand, a statistic we hope to see change. So, starting with our loyal base made sense as they believe in our core purpose and in potential to grow.”

A recent Forbes and TINYPulse report showed that startup companies with female founders at the helm almost universally outperformed and are the fastest growing companies. McEncroe believes investors are starting to recognise this and growth in female-led businesses is set to increase. 

The company’s founder also acknowledged the diversity within its new investor group and the reasons behind investor support. “We seem to have started a social movement of sorts, something that women in particular feel strongly about and a service they believe is needed. Our investment group is incredibly diverse, including politicians, experienced investors (male and female) and mothers throughout Australia.”

According to IBISWorld, the Australian rideshare industry is worth $290 million and the taxi industry is worth $6 billion, with the market growing at 14 per cent year-on-year, this is forecast to continue for a decade. 

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