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vRide Invests $1.6 Million To Relocate to Philadelphia, Pennsylvania

Area Development Online News Desk (02/12/2014)
vRide, a provider of commuter transportation services, relocated its corporate headquarters to Philadelphia, Pennsylvania, a move that will create 75 high-paying jobs. The firm entered into a lease for a 4,300-square-foot site. The company will invest more than $1.6 million to support the expansion through renovations, site improvements and new equipment.

“When evaluating the ideal location for our new headquarters, we looked for a city with great talent, infrastructure and a positive approach to sustainability, “vRide CEO Ann Fandozzi said. ”It was clear that Philadelphia was the perfect choice for us as we continue to develop consumer and business technologies that enable commuters to find the best ride to work. We thank the Corbett administration, the City of Philadelphia and Select Greater Philadelphia on helping make this a success.”

“We’re thrilled that vRide has chosen Philadelphia for its corporate headquarters and have no doubt that with our talented workers and pro-growth initiatives, vRide will thrive in the keystone state,” Gov. Tom Corbett said. “It’s clear that we are working together to build a stronger Pennsylvania.”

The company received a funding proposal from the Pennsylvania Department of Community and Economic Development offered a $250,000 Pennsylvania First Program grant, $150,000 in Job Creation Tax Credits and $29,100 Guaranteed Free Training grant to be used for skills training for both new and incumbent employees. The company has accepted the funding proposal, but must still apply for each loan and grant and agree to the terms prior to award receipt.

"Philadelphia is increasingly home to one of the country's most exciting and dynamic technology sectors and vRide is a great addition to the community," said Mayor Michael A. Nutter. "Most exciting is that vRide's move into this space was made possible by the fast growth of another technology company, Artisan Mobile, which moved into even larger space in Old City to accommodate additional employees. All very positive signs that Philadelphia is the place to be if you want to start and grow your business."

“The daily commute is about to get cheaper, cleaner and less stressful. vRide’s innovative technology application will take cars off the road and make commuting more productive. It is a great fit for Greater Philadelphia’s growing technology economy,” said Thomas G. Morr, CEO of the regional economic development organization, Select Greater Philadelphia. “Select was delighted to collaborate with business leaders and officials from Pennsylvania and Philadelphia to help attract the company headquarters here” Morr said.

The project was coordinated by the Governor’s Action Team, in addition Select Greater Philadelphia and the City of Philadelphia also collaborated on this effort. vRide will host an official event announcement later today in Philadelphia.

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