TORONTO--(BUSINESS WIRE)--Rapitow, the new app with the solution to bring roadside assistance into the 21st century, has signed an investment deal with VC and start up advisor LiquidProject. CEO and founding partner of LiquidProject Jason Tryfon, with years of experience in the automotive sector formally as CEO of Vital Insights, joins Rapitow as Chairman.
LiquidProject is Canada’s newest early-stage VC with a full service business execution studio. “We put seed-stage investments into disruptive companies managed by dynamic entrepreneurs like those at Rapitow," says Tryfon. “Roadside disruption is long overdue and Rapitow offers the solution, rescuing stranded motorists faster than conventional options."
Rapitow, with its solution-based technology, eliminates the inefficiencies and costs associated with the outdated call-centre dispatch model. Called 'The Uber of Tow Trucks', it uses GPS to connect tow truck drivers directly to the stranded motorist.
Rapitow was developed by Waheed Subhani, an IT software consultant and his brother-in-law Joe Borg, a tow truck operator for over 20 years. “We are in the business of emergency response, and it is not acceptable to be waiting on the side of the road for a call-center to answer the phone. We have moved passed that,” says Subhani. “We can have you safe at home before the ‘old guys’ even answer your call.”
Two months after launching, Rapitow continues to outpace growth expectations. The injection of seed investment from LiquidProject will allow Rapitow to grow faster and expand its reach, including into the USA, in the coming weeks.
“We are thrilled to report that over 40% of tow truck companies have already jumped on board,” says Rapitow CEO Waheed Subhani. "We quickly covered Ontario, and we’re hearing from companies across the country wanting to sign up. We are continuing to sign them up and look forward to announcing coast to coast coverage soon."
At $9 per month for membership, Rapitow offers piece of mind and costs less than the average single tow. Priced per car rather than per driver, membership is affordable for all, especially the large demographic of young drivers.
Rapitow Founders Waheed Subhani and Joe Borg, and Jason Tryfon of LiquidProject are available for media interviews.