Driver-Owned Uber Alternative Looks to Crowdfund $1 Million
The Drivers Cooperative aims to pay drivers more, charge riders less
Illustration: Steph Davidson
This article is for subscribers only.
A worker-owned cooperative that competes with Uber in New York is hoping to turn grassroots buzz into business growth by raising more than $1 million from investors, drivers and potential passengers.
While most startups trade equity for venture capital funding, The Drivers Cooperative is issuing debt to lenders who would get a limited share of future revenue while keeping company ownership in the hands of its drivers.