Since the beginning, when we created Faxi, we knew that thousands of commuters were driving to the same workplaces each and every day, in single occupancy cars, struggling to park and paying over the odds. We knew there was a high environmental cost to all this unnecessary pollution. And we knew that eventually, companies would recognise the need to transform their workplaces into sustainable organisations.
In 2017, Toyota realised the same thing, and we worked with them to create a Toyota-branded platform which could offer incentivised carpooling in Europe. As a result, Toyota now runs several projects across six cities in Europe, and three globally.
As the need for a more sustainable transport solution became apparent across other European cities, Toyota sought to develop the concept – and the partnership – further. We are proud to announce that a conglomerate led by Toyota Financial Services (TFS UK) has decided to invest in Faxi, becoming the majority shareholders.
The conglomerate led by Toyota Financial Services includes Toyota Insurance Management who are backed by insurance giant MS&AD. All parties are extremely excited by the application of this technology to meet the increasing challenges around commuting. With such a strong backing, this partnership is great news for Faxi as we now embark on an ambitious mission to scale the Faxi platform across Europe and the world over.
We have a successful and proven model that produces measured results, and as we continue to work with both large and small organisations across the UK and Europe, we can see a tangible future where commuter carpooling becomes the recognised norm.
One of our UK based organisations has increased employee carpooling from under 10 to over 200 passengers and drivers per month in the space of just six months. It’s undeniable that organisations are seeking a long-term and sustainable solution to workplace parking problems, deteriorating air quality, traffic congestion, and affordable and logical commuting.
Tony Lynch, Chief Executive and co-founder of Faxi: “Large organisations across the globe have workplace parking issues. In addition to benefiting companies by solving this concern, employees on the other hand are encouraged to carpool with co-workers by for example earning a reserved parking space. Ultimately, if more people carpool, this can have a considerable downsizing effect on the number of cars on the road, benefitting an entire community.”
Doug Gillies Managing Director of Toyota Financial Services ( UK ) PLC : “Building on the partnership with Faxi, TFS decided to invest in Faxi to introduce technology to reduce single occupancy vehicles and the congestion and emissions that they cause. This is a game-changing technology and we’re excited to get behind it with our brand.”
With the patent pending, Faxi’s technology brings people safely together to share common journeys. It helps communities of people to share the costs of their carpool simply and fairly, by reimbursing the driver for fuel and wear and tear. By using smart phone telemetry to measure the proximity of the driver and passengers, it can prove whether or not journeys have in fact been shared. This not only allows organisations to offer specific incentives, such as prioritised parking or other financial benefits, it also provides valuable data to local and central governments on the congestion and environmental savings that are being generated by carpooling.
As we look to continually innovate and develop our technology, expand our team, and work with organisations to create private sustainable commuter transport networks within each workplace community, we are excited to embark on a highly ambitious growth plan.