In 2019 Matthew Iommi (left) and Justin Rath (right) formed fetii, a revolutionary new way of providing group transportation and supplying a massive and largely unfulfilled market demand. fetii is an on-demand group ride-sharing app that has continually been referred to as the “uber of group transportation.” After Matthew Iommi and Justin Rath formed Pyro Equity, a private equity firm with offices in California and Texas, they merged two of its transportation companies, BDB Transport and Rockin’ J’s Night Shuttle, into fetii, a bigger and more efficient way to serve customers with unique transportation goals.
Matthew Iommi and Justin Rath
As co-CEOs of fetii and co-chairs of Pyro Equity, entrepreneurs Matthew Iommi and Justin Rath have been working together for nearly a decade, harnessing their entrepreneurial and financial skills to succeed in the private equity industry and to share their passion with their clients.
With first-hand knowledge in digital marketing, business infrastructure, and controlled growth, the two entrepreneurs created Pyro Equity, a private equity firm that invests in small companies and uses its resources to grow them into larger & scalable enterprises.
Matthew Iommi is a British-American investor and entrepreneur. He is an alumni of Texas A&M University where he graduated with degrees in business and economics. At age 18, Iommi started managing his own investment portfolio, first delving into the stock market and later adding a series of private companies to his portfolio.
In college, Iommi advised his friends on how to build their Roth IRAs and taught them the importance of fundamental investing. By the age of 18, Iommi had become a champion of fundamental investing and went on to use his profits and keen sense of economic strategy to invest in more private companies.
Justin Rath is an Indian-American entrepreneur and business magnate with a track record of multiple successful exits. Rath started his first business at the age of 16 and sold his first company by the age of 19 when a group of investors acquired a peer-to-peer tutoring and learning platform that Rath had developed himself. The serial entrepreneur has since leveraged his earnings from various acquisitions to fund, oversee, and build private companies.
Iommi and Rath became friends when they met in high school. They parted ways for a few years after high school while Rath began building businesses and Iommi acquired a degree from Texas A&M and built an investment portfolio. Later, when they got back in touch they realized how much their similar interests and skill sets aligned.
Starting in 2016, they began to put their entrepreneurial heads together to map out business ideas, break down the economics, and discuss the future of what would eventually become Pyro Equity.
From an Idea to a Plan of Action
When Iommi and Rath created Pyro Equity they began a careful plan of action to hand pick start-up and early-stage businesses with high growth prospective. Using their financial, marketing, and creative talents, the pair found success building businesses such as GreatLike Media, Rockin J’s Shuttle, and BDB Transport. Soon, they began to map out connections between consumer trends and the unique abilities of small, but rapidly growing companies, to fill market needs.
When Iommi and Rath spotted a demand that Uber and Lyft were unable to satisfy, they crafted a new company to serve an untapped market. fetii vehicles can transport up to 30 people, and the fetii app allows users to select the perfect sized vehicle for their party.
During fetii’s creation, Iommi and Rath harnessed the tools of Pyro Equity for web and app development of the new company, to create the infrastructure, and to handle the marketing of the fetii app. As the “uber of group transportation”, fetii is on course to become a leading provider of group transportation, merging the needs of older users and younger populations to form a business capable of serving multiple markets.
A Different World, a Different Kind of Transportation Business
The fetii service was designed to be simple and was specifically meant to incorporate the technology that people were already using. Within the fetii app, checking in on a smart phone is a seamless process. The technology behind fetii’s mobile application uses a QR code scanning system that allows a user to check in and pay for a ride by scanning a bar code in each vehicle. Once a ride is booked, no pre-payment is required as payment is taken when each user scans the QR code through their own application.
Because pre-payment can be an issue for bigger groups when one person does not always want to pay upfront for the entire group, the QR code check-in system provides a perfect workaround, allowing each user to pay for themselves. Users can still pay for other users as they have the option to pay for more than one person before scanning the QR code on the vehicle.
In fact, users can pay for the ride of a friend or colleague by simply adding the number of people to pay for. Users also can book a first ride for free, choosing which fetii vehicle they prefer — a fetii bus, which accommodates 30 passengers, or a fetii van, which accommodates 14.
The fetii service is also an economic option, allowing users to tailor the cost of their trip to the size of their group. For trips on a fetii van, the average cost per person is roughly $4, with a minimum of six passengers in order to start the trip. For those using the fetii bus the average cost per person is roughly $6, with a minimum of 15 passengers in order to start the trip.
As young entrepreneurs, Iommi and Rath understand the power and revenue-generating potential of social media in ways their older peers cannot. The co-chairs plan to incorporate a social media platform by integrating it with fetii Ride application.
Here, social users will be able to post updates, reactions, and plans for their own activities, see what events are going on in their area, what events “fetii friends” are going to, as well as see whenever their “fetii friends” book a fetii ride. Each user’s fetii social profile shows their picture, name, number of fetii friends, number of fetii rides taken, and the events they have attended.
The Future of fetii
fetii has been talked about in media outlets since its creation, and more and more investors have taken notice of the unique ridesharing and group transportation app. To date, fetii attracted thousands of customers and investors alike. The company started in Austin, Texas and is headquartered there, but the company is beginning to expand its reach to Dallas, Houston, and Austin, after which a College Station launch is planned. By 2021, fetii plans to expand nationwide.