Fasten (company)
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| Privately held company | |
| Industry | Transportation networking |
| Founded | September 2015 |
| Founders |
Kirill Evdakov Vlad Christoff |
| Headquarters | Boston, Massachusetts, United States |
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Area served
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Boston, MA Austin, TX |
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Key people
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Kirill Evdakov, (Co-founder and CEO) |
| Revenue | US$500,000 (2016) |
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Number of employees
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89, excluding drivers (2015) |
| Website | www |
Kirill Evdakov, (Co-founder and CEO)
Vlad Christoff, (Co-founder and COO)
Fasten Inc. is an American transportation network company based in Boston, Massachusetts. Founded in 2015 by CEO Kirill Evdakov and COO Vlad Christoff, Fasten first launched in September 2015 in Boston. In its initial round of funding, Fasten raised $9.2 million, contributed wholly by chairman Evgeny Lvov. Fasten now operates in two cities—Austin and Boston—with plans to expand to more U.S. cities in the future. Using the company's mobile app, customers can send requests for rides, which are then dispatched to the nearest available drivers. Fasten has emphasized that for every trip completed by a driver, the company only takes $0.99 of the fare, a lower commission compared to competing transportation businesses such as Uber and Lyft, which both take a percentage of the fare. In its first year, Fasten made a revenue of $500,000.
In its first year in Boston, Fasten mostly targeted college students in the Boston and Cambridge area. The company offered promotions such as $5 for any ride under 20 minutes, $3 off your first 100 rides, and free rides between midnight and 3am, with Fasten paying the difference between promotional prices and actual prices to drivers. To attract drivers, Fasten offered to pay drivers for not only the time the customer was in the car, but also for the distance and time covered when the driver was travelling to pick up their passenger. Evdakov stated that in its first year, Fasten's driver base in Boston "grew 300% quarter by quarter."
In order to use Fasten, both riders and drivers need a GPS enabled smartphone with the app installed. From this app, riders can enter a start (usually their current location) and end destination, and can request either a four- or six-seat car. Before requesting, riders will see an estimated wait time, an estimated time until arrival at destination, and an estimated cost. Instead of surge pricing in the app, Fasten offers potential riders the option to "boost" their ride, where riders can offer to pay drivers more in order to secure a ride during times of high demand. Upon requesting a ride, nearby drivers are notified of the pending request, and can choose whether or not to accept it. Drivers also see whether the rider has boosted the ride or not, and the multiplier of the booster.
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Wikipedia