Transportation, in particular daily commuting, produces nearly 30 percent of the greenhouse gas emissions in the United States. Scoop seeks to disrupt long, solitary commutes by providing custom, flexible carpool options for workers.
$2.5 million direct equity investment; originated in 2019. Exited 2022 (failure due to Covid-19 impacts).
The Scoop app replaces clunky van carpooling by connecting riders and drivers daily from the same workplace . McKnight was attracted to Scoop’s ability to provide inexpensive shared transportation for workers where public transportation options are poor. s. With Scoop, riders save money on car ownership while drivers earn extra income—and everyone wins by accessing carpool lanes. We also speculate that Scoop has the potential to offer equity benefits by building community and solving the “last-mile challenge” of commuting, wherein the shortest part of the trip costs the most money. Scoop also creates environmental benefits from fewer cars on the road. One drawback, however, is that it could compete with public transportation.
Poor. This is the one business in McKnight’s portfolio that is profoundly impacted by the pandemic and its attendant changes in commuting, commercial real estate and office-based culture. The company has shifted its spending and strategies accordingly.
Our strategy, to approach impact investments with the flexibility to adapt to social and environmental change, has proven helpful overall. However, in future our underwriting of individual companies must include a more expansive and imaginative understanding of potential for economic disruption on a global level. We will continue to measure impacts, recognizing that this investment will perform differently than we originally expected.
Disclaimer of Endorsement: The McKnight Foundation does not endorse or recommend any commercial products, processes, or service providers.
Last updated 10/2021