Ep. 42: Matthew Iommi | Co-Founder & CEO of Fetii

Evan: There's another, you know, large investor that probably added a lot of credibility, which is Mark Cuban.

Matthew: Yeah.

Evan: How did that come about?

Matthew: Yeah. So Mark, we got connected first through his daughter, Alexis. So his daughter had reached out to us and she really enjoyed the product and service in Dallas. And she was using it in Dallas whenever, with her friends, of course, whenever she was coming back from college during the summers, she went to Vanderbilt. And I don't want to put too much of her business out, but she wanted Fetii to launch in Nashville at Vanderbilt so that she could experience it with her friends. And I kind of gave it to her straight up, like, hey, Nashville is in the pipeline. It might take a while and, you know, we need additional capital, this and that. She said, let me talk to my dad.

Evan: Welcome to Y'all Street Today, I meet with Matthew Iommi, the co-founder and CEO of Fetii.

Intro: He's the machine of the day. The machine that smashes. It's 100% legit. So, Chris, you want a cup of coffee? I just want to be the best. Thank you, sir.

Matthew: Hey, Matthew, you want a cup of coffee? Yeah, I'll take one, please.

Evan: I got you this awesome boss fuel coffee mug because I cannot even imagine, like, how much fuel Fetii has saved. So I feel like you get the boss fuel.

Matthew: Yeah, fair enough.

Evan: Tell people about Fetii. What is it?

Matthew: Yeah, definitely. So Fetii is a group rideshare platform. We do a lot more stuff now, but that's kind of our bread and butter. We essentially take high-capacity vehicles, primarily 15-passenger sprinter and transit vans, and incorporate rideshare technology into them so that groups of five all the way up to 14 can ride together with the click of a button, the same convenience, affordability and accessibility as an Uber or Lyft or personal vehicle, but with the experience of a charter vehicle. And so, you know, when we came up with the idea, the group transportation industry, essentially there were two options for groups, right? The first one was the outdated charter model. If you were with a group and wanted to ride somewhere together, you had to reserve one of these vehicles days or weeks in advance, right? Pay a three to five hour minimum for maybe a 15, 20 minute ride.

Evan: Yeah.

Matthew: And have no payment flexibility where you would have to put it down deposit, put a credit card, you pay an arm and a leg just to ride together. That's it. And we were like, you know, it's at this time it was 2019. And we're like, how is this not been updated, right? The taxi cab industry had been updated and evolved with technology, but nothing had been done to the charter group transportation industry. And what we saw is that a lot of people were so inconvenienced by the outdated model that instead they were just splitting up and taking two Ubers, three Ubers, four Lyft’s. You know, and so we said, well, why don't we take these vehicles that are a much better experience for groups, incorporate ride share technology into them, launch it out and see what happens. And, you know, we've done that. The rest is history. We transport millions each year. Hundreds and hundreds of vehicles on the platform and countless great memories made for groups.

Evan: And so you were in college.

Matthew: I was in college. Yeah. I was at Texas A&M my senior year.

Evan: And so is it, I mean, are you going out one night, you have 15 friends with you and you realize you'll have to split up into four Ubers or like what happened? How did that start?

Matthew: Yeah. So, uh, so my co-founder, Justin and I, we had, we'd been entrepreneurial for some time and we were trying different, uh, different ventures. Some, some had traction, some didn't.

Evan: Give me example one.

Matthew: Yeah. So one was a, uh, roadside assistance company.

Evan: Okay.

Matthew: So, uh, so essentially, and one thing always is Justin had a lot of experience and was able to kind of build up websites and booking systems and payment systems relatively quickly and efficiently. Um, and so what we would do is we would look at these different industries and see where something was outdated. And we saw a lot of, um, a lot of things that could be improved with the kind of roadside assistance, um, market. So what we did is we started building out a website, a more technology advanced, uh, booking system platform. Um, we ran Google ads, we did the whole marketing thing and we were getting traction. We were getting customers. I was out there, uh, and this was probably like during a summer when we were doing this, I was out there switching tires, uh, getting, uh, getting doors unlocked. Um, when they, when they lock their keys in there, uh, bringing gas, all this different type of stuff, just learning the industry. Cause that's what we always did first. We got our hands dirty. We learned the industry. Um, and so we were generating revenue. The only thing that, you know, it, it makes sense now that I think about it and, and, you know, obviously in hindsight, but you know, and, and, and once we started getting traction, getting traction, we were thinking, okay, we should build out an app. We should go harder, you know, more on the brand building, all this different type of stuff. The one thing we quickly realized is that whenever you convert a customer, that customer maybe has a frequency use of your product once every year, if you're lucky.

Evan: Yeah.

Matthew: Right. And so we were like acquiring these customers, but they didn't give a crap about the brand because they were just going to use you one time and they were going to forget about you.

Evan: Right.

Matthew: So they're not going to have an app on their phone. So we quickly found this out. Um, so that's, that's one example. Um, another example was, you know, a product that was like a pre-charge. It was like a charger that was pre-charged for your iPhone or Android. It had like a dual tip so you could use it for both. That was like for emergency use.

Evan: Okay.

Matthew: So that was during college. And we like did some partnerships with like, um, uh, some nonprofits, uh, when there was a big hurricane that hit in Houston.

Evan: Okay.

Matthew: And so like giving them out and, and trying to build a brand around that, trying to get into gas stations, this and that, but that one really never took off.

Evan: And these were all with Justin.

Matthew: Yeah. These were all with Justin. Yeah.

Evan: And so then one day you're, you know, you like to do this, you and Justin realize you're a good partnership.

Matthew: Yeah.

Evan: And Fetii gets born. How?

Matthew: Yeah. So good question. So it was my senior year. Uh, we were in winter break. Um, so going into my last semester of college winter break, we were in, uh, Dallas. We both grew up in Dallas. We both went to high school together. So that's how he and I got connected. Um, and we were on Facebook marketplace of all places. And we saw these two guys who I'm still friends with them. Uh, we saw these two guys selling a party bus and, uh, it was called big daddy bus. I know, uh, in college station, uh, where Texas a and M is. And, uh, and I looked at it and I, and I sent it over to Justin and I was like, and I said, look, this is interesting. You're, they're claiming they have this much revenue, but they didn't have a website. They didn't have a booking platform. It was all manual writing in books, a cell phone where you would text a number if you needed something. And, uh, and so I reached out to them and started asking these questions and realized, and one thing that they were doing was, um, I mean, basically the, the reason they were making money wasn't because they had this great tech wasn't because, um, they had this really smart marketing tactic. The main reason was that people really enjoyed the experience of it. Right. And that's kind of the whole thing now of what Fetii is, but people really enjoyed the experience of writing together. And so I told Justin, there is a way I believe that we can capitalize this and grow this and scale this to provide this experience for many more, which will alternatively lead to a good business.

Evan: Yeah.

Matthew: So we met up with the, uh, with the two brothers. It was two brothers who, who owned the party bus. Um, Justin and I didn't have much money, but we were able to figure out a deal where we put a little bit down for it. And this was just, you know, one bus, but we put a little bit down for it and then paid off monthly installments that we just use from the revenue of the, of the business.

Evan: Amazing.

Matthew: So it worked out well. And, um, and we bought it, built out a website, built out a booking system, uh, learned the business the same way we did with the roadside assistance. So I was driving every weekend, um, figured out different marketing, uh, marketing hacks, uh, just getting out, going and giving flyers to all the, uh, apartment complexes there in college station, um, quickly grew from one to five to 10 buses. Right. And, uh, and at that point, um, you know, we were really seeing the frequency, right. Which that's, that's a key. We were seeing customers who were using it, not just for their birthday once a year, but every weekend to go out with their friends, whether it was to dinner, to a football game, to Northgate. Um, and we said, okay, this is perfect to create an app, to make the user experience completely seamless and smooth, just like you would ordering an Uber lift. Um, we came up with the name Fetii. We didn't, we didn't think big daddy bus was too commercial.

Evan: Yeah, probably not.

Matthew: I think it would still be a hit, but maybe it would have been limited to a younger demographic than what Fetii is.

Evan: So where'd Fetii come from?

Matthew: So, so Fetii, uh, we were looking for, for different names, something that, you know, just rolled off the tongue that hadn't been really commercialized yet. Um, and Fetii in the French oceanic language means an extension of one's family.

Evan: That's amazing.

Matthew: So it was, it was perfect because, you know, we say when you're in a Fetii, you're with your extended family, maybe it's your direct family, but you're with your extended family. You're, you're with your close ones. Um, and, and you've never got a frown on your face when you're using our service.

Evan: Yeah.

Matthew: Right. So, uh, so I thought it just, you know, was a perfect fit. Um, we went with that. Fortunately, another reason why we took it was the domain was open. So that, that always is helpful. And, uh, and from there we just kicked off, kept on growing, scaling, learning, and, uh, and just improving.

Evan: Let's talk about the experience of being in a Fetii. I use Fetii in college to go out to, uh, dinner. I, my parents and all the parents would, would want to use it whenever they came, uh, for parents weekend or whatever with all of the kids. So you get into a Fetii and you can connect your phone on aux so you can play music. There's like party lights, but most of them are vans. So it doesn't feel like this kind of gross bus, right? Like you're used to. It's like a nice van.

Matthew: Yeah.

Evan: Talk about how that experience came to be, what the most important pieces of that experience are.

Matthew: Yeah. So we, we transitioned from the buses to the vans, these 15 passenger transit and sprinter vans. Um, to this day, college station still has buses, but it's the only market with buses, Okay. Um, which we're in a six States now. Um, Texas, we, uh, we're in Nashville, Atlanta, uh, Baton Rouge, Tuscaloosa, Phoenix, Scottsdale, Tempe, uh, and our most recent, um, market was, is Miami, which we launched, uh, about two months ago. Um, so we transitioned from the buses to the vans for a couple of reasons. Uh, a couple, yeah, a couple of reasons. Number one, uh, the, the, the regulatory landscape was much more, uh, favorable for these vans versus buses.

Evan: Cause they're not commercial vehicles.

Matthew: Yeah. They're not CDLs aren't required, um, which opens up the, the pool that we can have to fill up the marketplace so that our, our customers can get vehicles much quicker. Um, there's just a much larger supply capacity of these vans than they are of these buses. The, the average group size we were seeing was about, was about 10.1 when you, when you average it out. And so that was perfect for a van, but for a bus, it felt a little bit empty.

Evan: Yeah.

Matthew: Right. And we quickly realized that if there are larger groups than 14, um, groups didn't have a problem splitting up into at least two vans, right? You still have that experience cause it's a van full of your friends.

Evan: Totally.

Matthew: And then another key aspect, which goes to the customer experience as well, is that these vans were much more versatile. They could get in and out of streets quicker, much more easier. It wasn't as hard for them to find a parking spot, a loading and unloading spot. Um, and, and so just for a variety of reasons, just the vans made sense. So that's kind of what we've, we've done, um, even to this day now for the experience, there was a lot of, there were, there were a lot of things that we had to build into the app and onto the tech stack to make sure that it, it was a platform specifically built for groups. And one perfect example is our check-in payment process system. So the way it works is that whenever one, whenever a person calls a Fetii at that time, they're not paying for the entire Fetii. The Fetii vehicle will show up and then each person will scan a QR code on the Fetii vehicle or on the driver's app. Now what, what does that do? It splits up the payment amongst the entire group, ensuring that one person doesn't have to pay up front the, the, the total fare, which is a huge issue, which is a huge issue.

Evan: It's a huge issue.

Matthew: And it's one of the things that we were finding when we were operating big daddy bus, that was a big inconvenience. Now Uber and Lyft can get away with it because one trip might be 20 bucks.

Evan: Yeah.

Matthew: Right. But with Fetii, because we're transporting more people, it's a higher cost. So there's more risk for one person to pay up front and then hope they get paid back.

Evan: Well, even on like Uber, there's been times you have a $50 Uber, you know, charge. And I know on the Uber app, it lets you split the transaction, but then you feel bad to go split the transaction and ask your friend, you're just like, I'm going to pay it. Or, you know, you have to ask your friend to Venmo you 10 times and they never really do. And so it really does make it so much more seamless. I've used Uber a bunch of times with friends and I don't think I've ever split a transaction. So doing that up at the front makes it a completely different experience.

Matthew: It makes it a completely different experience. There were other factors. Right. So like we, we, we wanted to do it on a per person charge. And we, you know, a lot of people didn't know prior to booking the Fetii, how many people were going to be riding. Right. So if we required up front for you to tell me the number of passengers, that was another huge inconvenience because it's like, OK, well, I don't know if he's going to show up. I don't know. So it's just you call the Fetii. We say you book it like Uber and Lyft, but you pay like Lime and Bird the scooters by scanning the QR code. So that's one example of of a feature that we've built that was very important to make this kind of group group transportation sector really work for today's today's expectations. Essentially. Yeah.

Evan: One other thing that you guys did that I thought was incredibly genius, but I'm curious about the business implications, was something called God Mode.

Matthew: Yeah.

Evan: Where you gave fraternities or different groups on campuses. I went to UT. And so at UT, when I was a freshman, you were giving God Mode to different people. And so they'd get 25 percent offer, 50 percent offer, in some cases free rides. And we were talking before this and I was telling you about how we would use God Mode when we were younger in college. And as we got older in college, Fetii was so ingrained in the system of any time we're doing anything as a group. You just called a Fetii because it was so much easier, more fun than than an Uber. And once you got used paying for it, the God Mode really got so many people in the door.

Matthew: Yeah.

Evan: You're still early on. You're two years in at that point, maybe 2021. How are you able to give free rides or 50 percent off rides to a bunch of people at such a young stage in a startup?

Matthew: Yeah, certainly. So it was definitely a risk because it wasn't cheap. But from College Station, so we really came up with God Mode as we expanded to Austin, which was our second city. And we implemented it in College Station as well when we did it in Austin. But from our initial launches in College Station, we were already sold that there was a product market fit. Right. That if people did not only if they heard about Fetii, but if they experienced it enough, it would be something that just became habit, that whenever they were with a group, their go to would be Fetii. So there was risk in it of providing all these free rides to I mean, essentially it was essentially the entire university.

Evan: Yeah.

Matthew: Right. But we knew that it would pay off once we started decreasing and leaning off of the free ride promo. And there were a couple of things. So, I mean, our early angel investors really believed in us. And so, you know, they could have been like, hey, we're not giving you this money just to give out free rides like we had to explain to them. It's going to be it's going to be worth it. There's going to be an ROI on it. But also they just had huge trust in us. But also there's a couple of dynamics in in the whole system that make it much more feasible than if Uber or Lyft or these other companies were just giving out free products and services. So one of the things, as I mentioned, is that each person was paying for themselves when they scanned into a Fetii. So whenever we partnered with university orgs or university Greek life or sports teams where people tend to go out in groups, not all the time were they all riding together. Right. So there might have been a Fetii trip where there were 10 people. Four of them had God mode, but the other six didn't. Yeah. Right. So it's not like we were losing 100 percent of the trip revenue. A lot of times we were making just enough to cover the cost of it.

Evan: Yeah.

Matthew: So so it was it was things like that that allowed it to be feasible and allowed it to work and then prove to us, OK, we can replicate this strategy in different markets.

Evan: And and you had said earlier, and it's so true, it would be the one guy who had God mode and knew he could get a free ride who is like, hey, guys, I'm calling a Fetii. Everybody were getting in a Fetii. Yeah. So you have the one guy who has God mode is getting a free ride. So he's pushing Fetii.

Matthew: Exactly.

Evan: And then the rest of the group is just going on and paying like normal. And they don't really realize why this guy what his incentive is for wanting to.

Matthew: Yeah, exactly. I mean, it made advocates for the Fetii brand, almost like ambassadors for us, hundreds and hundreds of ambassadors. And and yeah. And like I said, I mean, once once that person, let's say they had God mode, selfishly decided they wanted to get their group into a Fetii. It was it was such a good experience. And it all comes back to experience. It's not just, oh, to get from point A to point B. It was such a good experience that the whole group was happy.

Evan: Yeah.

Matthew: Right. They're happy. OK, we had to pay four or five, six dollars each. And we get to have this experience where, as you as you pointed out, you get on. You're with your whole friends. So let's say that was it. That already is an experience.

Evan: Right.

Matthew: But on top of that, you've got the ability to put Aux. So you connect your music. You have a good time. And and as you mentioned, a lot of times there's like disco lights and lights in there. So it was just a great experience. And we quickly saw that we were creating a new market, which was interesting, too. I don't talk about this a lot, but we were we were taking a lot of the charter transportation market and the Uber lift market. But we were also creating a really big market where people consciously were deciding to get together prior to an event, prior to whatever they were doing in anticipation of having the Fetii experience. Right, because they knew it was almost like the pre-party of the party. So that's something that was really interesting as well. And and yeah, I mean, like I said, we thought we had product market market fit after we did the God mode and after we got even more people in Austin using it, because Austin's a much bigger metro than College Station. And we started seeing the impact of where it was going, how it was spreading. Then we really knew we struggled.

Evan: Why why don't you think Uber or Lyft ever did something like this? And was that ever a fear in your mind that we're going to get a little bit of traction? Someone at Uber is going to say, hey, that's a good idea. And just go and do it and have way more capital to do it.

Matthew: Yeah. So they've tried.

Evan: Really?

Matthew: Yeah.

Evan: I didn't know that.

Matthew: Yeah. So and they're still trying.

Evan: Really?

Matthew: Yeah.

Evan: No idea.

Matthew: Yeah. So exactly. I mean, it's like and so they have tried in the past. They had Uber charter and and even before that in Travis's day, they had this thing called Uber events. Now they have this new thing called Uber Max that they're trying. And and they keep on trying to to nail it down without understanding the experience part.

Evan: OK.

Matthew: Right. And that's a big thing that us and the team are always trying to focus on is how does this improve the experience for groups rather than how can we just add another feature to get more of the market? And and and with the mindset that we have, it allows us to move. More intentionally, right, building things that we don't have to be scared of like right when whenever my team is coming up with ideas and features and new things that our customer our customers want, we have the freedom to test them out, to try them, to hear from our users and to really, you know, move quickly in terms of our our deploying new builds and different things like that. Whereas these larger companies, there's much more of a bureaucratic process. Right. And there's much more fear is what I've noticed from from having relationships with these different companies. Whenever Uber, Lyft or these other companies, it could be and it could be Spotify, all these teams, they have these small little teams that they go to their bosses and they pitch a budget to try this out. Right now, if their success and their budget gets increased and they have to reach certain metrics. But if it's not a success, a lot of times they get canned.

Evan: Really?

Matthew: Yeah. Yeah. And I know that from I know that from some of the teams. I won't I won't I won't blast the company or put them down. But but there's a lot of fear in that aspect where if you are able to get the company to do a mass PR push, a mass marketing push over your kind of new concept and it doesn't pan out, then you've kind of destroyed your career.

Evan: Yeah, you have one shot.

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Evan: When you were when you were in college, I remember being at UT and there was a lot of I don't want to call it brainwashing, but there was a lot of just viewpoints around corporate life. Steady job. Come back and get your MBA one day. Get a more steady job. All of that. You clearly went a completely different path. Did you ever go down that path? Did you have investment banking internships? Did you were you looking for a full time job, you know, your senior year? Was it always I'm going to start this or I'm going to start that or I'm going to figure out something else to start?

Matthew: Yeah, I think kind of the biggest thing I would say is that I wasn't I wasn't married to one certain pathway.

Evan: Okay.

Matthew: I was very flexible and fluid and looking for things that could work or wouldn't work. Never, never without a plan. Right. But always comfortable to adjust that plan.

Evan: Open to change.

Matthew: Open to change. Yeah. So so I mean, first job, you know, in high school, first job was a I was a sales associate at a Nike store.

Evan: Okay.

Matthew: Yeah. And then and and I like that, you know, for a while. And then it just got so repetitive. It was in a mall. You would go in in the morning daylight. You would come out. It'd be nighttime. And and it just got so, so repetitive. And that was kind of my first inkling of, you know, I don't know about and it's not all corporate jobs that are like this, but and Nike was great. Don't get me wrong. But I don't know if I could have done something where it was just routine over and over and over and over again. Yeah.

Evan: Yeah.

Matthew: And then the second one, I was a lifeguard and swim instructor.

Evan: Classic.

Matthew: Yeah. Classic. I know. Did that for for like two summers in between college. And then and then I did have an internship. So I studied a summer in Beijing.

Evan: That's amazing.

Matthew: Yeah.

Evan: And what was that for?

Matthew: For economics.

Evan: Okay.

Matthew: And then as well as while while I was there, my roommate, his father owned an investment bank in Beijing. And so I was able to work with him.

Evan: That's amazing.

Matthew: Email deal memos, financial analyst.

Evan: That was over a summer?

Matthew: Yeah.

Evan: That was over a summer.

Matthew: Yeah.

Evan: Super cool.

Matthew: Which that China trip opened my eyes to a lot of things. So what a cool story from that is the QR code check in system that is now famous among Fetii users. A big inspiration came from when I was in China and everyone there was using QR codes via WeChat.

Evan: What is WeChat?

Matthew: So WeChat is essentially the super app of China.

Evan: Okay.

Matthew: I mean, you can't go anywhere without it from from

Evan: when people talk about like a social credit system is like that what they're talking about.

Matthew: That's what it's going through. Okay.

Evan: Okay.

Matthew: But I mean, this was and and it's kind of what Elon Musk's kind of ambitions were with X. So I mean, with WeChat, it's a payment system. Every vendor, every restaurant, every store in China has a WeChat QR code that with the WeChat app, the customers will scan and pay.

Evan: Okay.

Matthew: It's got a messaging platform within the app.

Evan: Okay.

Matthew: So it's like the iMessage. It's got within the app API integrations for DD, which is their version of Uber.

Evan: Okay. So you really just go on to the WeChat app if you need transportation, if you need to talk to someone, if you need to pay for something, it's everything.

Matthew: Wholey and easily encompassing.

Evan: Easily trackable, Yeah.

Matthew: Yeah. I mean, yeah, we could get into all that for sure. And I. Yeah, that's a whole. We can get into that. So I recently went with my family about three weeks ago back to Beijing.

Evan: Okay.

Matthew: Because I really enjoyed it. This was in twenty eighteen when I went and this was before the whole QR code revolution of covid. Now, now it's like super normal. Yeah. Super normal. But back then it wasn't really a thing. You would see it on the Lime and Birds, but that was like the max of it. But I went back and and you're talking about the control and the surveillance and all. It's on steroids now.

Evan: I believe it.

Matthew: It's on steroids. I mean, you're walking everywhere and and at all times you've got 20 cameras pointed at you.

Evan: That's crazy.

Matthew: Yeah. And there's certain parts of the city where you can walk in for like walk around on their sidewalks for political reasons. Subway check ins, facial recognition. It's it's it's a lot. Now it's the safest city.

Evan: Yeah.

Matthew: But at what cost?

Evan: Yeah, exactly.

Matthew: So that's super interesting. But getting back to the point. Yeah, I had other jobs. I had other experiences whenever whenever it was the whenever the party bus kind of concept came along, it really was honestly something that we were going to build up and have as a passive business. OK, we were going to have a manager running it in College Station, grow the fleet, generate revenue and either figure out something else or go into investment banking for me personally. But like I said, when you're open to changes, we saw the product market fit. I both Justin and I saw the vision of what it could be. And while everyone else went to, you know, left College Station because it's a college town, you don't stay there. Left College Station, went into their jobs. I stayed in College Station for another year just driving every weekend these buses and managing the drivers and and the and the manager just, you know, living off of the vision of what I saw it could be.

Evan: And that was right around COVID. Yeah.

Matthew: So that was once things really, really took off. It was it was like January of 2020.

Evan: Wow. OK. And so you're still in College Station driving this bus and then the world shuts down. How did that affect you?

Matthew: Yeah. So we were in College Station. We we I think like before everything shut down, we were we moved to Austin.

Evan: OK.

Matthew: Yeah. It was kind of the closest city in proximity that had a good tech scene, had a good startup scene and had college college and had VCs. Right. We were we were under the impression that, OK, the next step is to raise capital. And that's what we went to Austin to do. So we had a couple of meetings. It was our first pitches. I mean, they went horrible.

Evan: Like what? Give me an example.

Matthew: Oh, my gosh. I won't I won't I won't say their name, but they're one of the larger VCs here in Austin. We had an associate. We connected with an associate who got us, who I still know, who got us a meeting with the partners and the entire the entire crew. So we walk in just and I we've got decks prepared. We've got presentations prepared. And we've got these handouts that we give to everyone. And so we're getting started in about like five minutes in five minutes in the the lead partner at that firm, you know, throws away the the handout and and starts asking us questions that we were not prepared for, frankly. And and Justin, I still talk about it. We still laugh about it, but. It was on us, just our our naiveness and and we were just rookies and the whole fundraising stage at that point where we started getting combative with the partner.

Evan: Oh, really?

Matthew: Yeah.

Evan: At the meeting.

Matthew: Yeah. At the meeting. At the meeting. I mean, he was asking questions. We're like, no, you're wrong. Like, this is how it's going to work. And and and looking back on it, he was asking some fair questions.

Evan: Yeah.

Matthew: I mean, we we had plans for for Fetii that that looking back on it. We're just jumping the gun too much. And we really had to focus and nail down kind of what was working. And so he would call us out on that. Like, look, I'm not interested in what you guys are saying about this. I want to talk about this and going back and forth. And we left that meeting. We're like, OK, for sure. We're not we're not going to be able to do anything with them. We just hope that the relationship is still OK. But yeah, I mean, that that's something funny to think back on. But anyways, we were doing some a few pitches. And like I said, about a couple of weeks going into that, you started hearing on the news about this pandemic. We thought, oh, there's nothing to it. And then everything starts shutting down.

Evan: How did that affect you guys? Did ride completely atop? Completely, completely. For how long?

Matthew: I mean, for as long as as I think it was like what, a year.

Evan: Yeah, almost, you know, even in College Station of all places.

Matthew: Oh, yeah.

Evan: Wow.

Matthew: Oh, yeah. Yeah. Yeah. I mean, they stopped.

Evan: They stopped having school. Are you getting paid at this point? Are you paying yourself? How are you eating? How are you paying rent?

Matthew: Yeah. So so we had. So that's a good question. So we were really fortunate that the business was still at an early stage where there weren't a lot of fixed costs. OK, a lot of the costs were variable, meaning, you know, it was it was pay. It was gas. It was the the buses at that point were fully paid off. So we weren't we weren't, you know, having financed vehicles. So we didn't have these mandatory lease payments, insurance, which, of course, we took off insurance. And and so it was something that we were able to kind of make sure that our runway was pretty stretched while we had time to figure something out. And ultimately, through a whole bunch of trial and error and just different ideas that Justin and I and the team were spitting out, we I I cold emailed the chief information officer of the Texas A&M University System.

Evan: OK.

Matthew: And I pitched him on an idea to use our Fetii app and our QR scanning technology to make a contact tracing app that allowed the university system to open up quicker and safer.

Evan: Back to that open to change.

Matthew: Back to the open to change. And before that, look, it sounds clean.

Evan: But before that, we were like, OK, let's see if we can make the drivers in the vehicles start becoming maids. Wait, what?

Matthew: Yeah. Like they would go to offices and houses and clean up like all of a sudden we had gone from Fetii to to a house cleaning business. Like trying to just trying to figure out like what is what is possible right now. And there wasn't much that was possible. I mean, I don't know if you remember, but like a big thing people were doing were just like opening up businesses to sell masks.

Evan: Yeah.

Matthew: Like just different stuff like that. But ultimately, I sent out that email. I got a a meeting with him and, you know, I'm telling him about how Fetii works and what we can do now. Granted. I will say, honestly, when I was telling him what we can do, I might have been spinning it as we could do it already.

Evan: Classic CEO.

Matthew: You know, and I remember Justin, who's our CTO and co-founder. Well, first, let me get to what I was telling him that we could do. I was saying, so the way our app works, like I said, our customers scan a QR code to check into a Fetii vehicle. And I told him, why don't we take these Fetii QR codes that are on these vehicles, but put them on the laboratories, on the classrooms, on the restrooms, on all these different things. And the idea is that Texas A&M students, university system students would use the Fetii app, scan into these classrooms as if it was a Fetii bus. Right. And when they left, they would scan out. And so that way, let's say you're in a classroom, Evan, and you got COVID. The university system would be able to go into our back end, determine what rooms you checked into, determine the other people who checked into that room, send out a push notification, notifying them, hey, you might've been in contact with someone who had COVID. Please go get tested.

Evan: Wow.

Matthew: I know.

Evan: That's crazy.

Matthew: I know. Anyways, after the meeting, Justin's like, dude, we cannot build this in the timeframe. Because you had basically promised. Yeah. And after a couple of days talking about it, we both realized that it wasn't a big lift. I mean, the technology was basically there. It was just using it in a different way. So there actually wasn't much that we had to do. So by the deadline that we had to have it ready and present it, we had it ready, presented it, it worked perfectly, and we got a contract for the entire system.

Evan: Wow.

Matthew: And that held us up until things opened up back again, and we could go back to the transportation aspect of Fetii.

Evan: And so when that happened, you immediately went back and said, hey, things are starting to open up. Let's go back and start back investing into transportation.

Matthew: Yeah. One thing that really helped, and this goes to the big props to Texas A&M, is we were able to get into the door because I was an alumni, because I had that connection. But that connection aside, B2G, which is basically what it was because it was a public university.

Evan: Business to government.

Matthew: Yeah, business to government. And even B2B, that wasn't our bread and butter. And we knew that if we stuck to this, it wasn't our bread and butter, and we felt much more comfortable with the transportation business. We had seen the product market fit, and we still believed in it wholly. And we also personally didn't think the whole pandemic fear was going to last.

Evan: Okay.

Matthew: And I think that's something props to us for seeing a little bit in advance that we had investors who really liked, it was called Fetii Scan or Fetii EDU, really liked that business that we had pivoted to. And it was on us to really tell them that, we're not going to continue doing this. We're going to go back to transportation. Fortunately, they listened. And so there wasn't much, after explaining there wasn't much conflict in that area, and we went back to it, and it turned out to be the right call.

Evan: And so just to focus on that, because you definitely could have continued to do both, right? What was the decision to focus back on transportation rather than trying to do both? Yeah.

Matthew: I mean, we still didn't have a lot of funds, and I've always been more of a frugal person and understanding that the resources you have and the bandwidth you have is limited.

Evan: Yeah.

Matthew: And so we didn't want to stretch our resources and have the focus be essentially split in half.

Evan: Yeah.

Matthew: And if we were to do that, you get into a situation where now you've got two businesses that are receiving half of your resources, half of your focus, half of your brain bandwidth, and we decided and thought that it was the right move to choose one of those and put 100% behind it.

Evan: Well, props to you, because I feel like that is an incredibly difficult thing for a lot of experienced CEOs to do, to say, hey, I'm going to focus on this one thing or these kind of main core things and not say yes to every opportunity. So, I mean, that's amazing.

Matthew: Well, why don't you tell the viewers how we met?

Evan: This is actually a great story. So we met very briefly. I was a sophomore in college, and there was an opportunity to basically be a bartender at the Tesla Gigafactory Grand Opening. I had got a text from a friend. His mom was an event planner, and he was like, hey, they're looking for people to serve beer at this, and I think I was probably 19 at the time. And so you get your TABC license so that you can serve beer, and then we're sitting back there, and we're serving, and we're serving. And I'd used Fetii a couple of times, and I recognized you when you walked in. I can't remember if you came up or if you were just walking past. And I called out to you. I was like, hey, you're the Fetii CEO, right? You said, yeah. And so you came up, you shook my hand, and you asked my name, and I said, you know, my name is Evan. Great to meet you. I love the product. I use it all the time. And went on about my day. You'd gone on, hanging out, all that. And later that evening, when we were kind of closing up, you were leaving, and you called out to me, and you said, hey, Evan. Great to meet you, man. Have a good day. And I was like, first of all, I'm terrible with names. Just absolutely awful. And so the fact that you remembered my name was very, I think, meaningful to me, especially as a college student at the time. And then pushing on past that, the fact that you took the initiative to come back and say bye, or great to meet you on the way out, was amazing. Tell me about, why do you do that? Why is the people aspect important to you? Especially now, in this age of AI, people want to kind of put people on the sideline and focus so much on the technology. What's the importance of that?

Matthew: Yeah, I mean, number one, it's just being a good person. We built a business on community, and it goes past the business, I think. I think we're social creatures. And so I think it's just, not just in the experience that we had, but just in general, if you live a life that way, it leads to more happiness.

Evan: Yeah.

Matthew: If you build something and you have nothing to share it with, you have no one to go through the experiences of it with, what's really the point? And then it goes to just the Fetii as a whole of what we do.

Evan: I mean, it's about experiences.

Matthew: It's about community. It's about people. And so I guess it's just, it's become second nature.

Evan: That's amazing.

Matthew: But yeah, I remember that. And it's cool that we've connected again after all those years.

Evan: Yeah.

Matthew: But yeah, that was cool. That was when Elon was there opening up the factory and he had thrown a big party. Yeah.

Evan: It was amazing too for me because I remember the impact it had because later, as I've kind of started my career and got into this, remembering people's name has been a very big piece of mine because number one, I'm bad at it. Number two, I genuinely have that memory in my head.

Matthew: That's cool.

Evan: This guy that I thought was cool at the time, he came in and remembered my name. And so it actually left a serious impact.

Matthew: That's cool. That's cool to hear. All right, let's get back to it.

Evan: So on Fetii, so you continue growing, you get back into Fetii after COVID, you all start growing and eventually you go to raise a round of capital. When was that? What led to that? Tell me that story.

Matthew: Yeah. So what led to it is that we really just needed it.

Evan: Okay.

Matthew: That was at a point in the company where we had put a lot of resources into proving it was the concept, proving there was a big future to it and it worked. And we now needed some resources to kind of continue that, build out the proper foundation for the company to be kind of long-term and have a healthy balance sheet. And so we just started going around. Probably I would say during that time, I did maybe close to 70 pitches and outreaches.

Evan: Wow.

Matthew: All receiving no's.

Evan: Wow.

Matthew: All receiving no's. During that time, I think the big thing was crypto.

Evan: Okay.

Matthew: You go into these phases, like right now it's AI, you go into these phases where entrepreneurs and founders will choose an industry based on what industry is attracting the most venture capital.

Evan: Totally.

Matthew: And at that time it was crypto. And I'm trying to think, there might have been something else.

Evan: When is this? 21, 22?

Matthew: Yeah, this is like 21, 22.

Evan: Okay.

Matthew: It was mostly crypto, definitely wasn't AI obviously. FinTech was big.

Evan: Yeah.

Matthew: FinTech was big during that time and so these FinTech companies and these crypto companies were just getting the majority of the venture capital at that time. And so a lot of people weren't interested in rideshare, especially because they felt that 2008 to 2012 was the holy grail of the rideshare industry and that a lot of the money to be made in that industry had come and gone. So it was a pretty tough environment to raise. We applied to Y Combinator.

Evan: Okay.

Matthew: So Y Combinator is a startup accelerator and investment VC firm in San Francisco. They were the first investors in Instacart, DoorDash, Coinbase, Airbnb, a lot of great companies. Applied there and pitched them, I want to say three times, got rejected all of those times, continuing to pitch and raise. We took some family and friend money and we applied a fourth time. And I remember talking to Brad, our partner there, and he was like, look, you guys seem to know what you're doing. Each time you come, there's more traction and more revenue. Let's give it a shot. And so they invested in us.

Evan: That's amazing.

Matthew: They invested in us and that was a huge signal because after we received the Y Combinator investment and kind of just symbol of approval, then we were able to raise more capital much easier.

Evan: Well, Y Combinator obviously is incredibly popular and it definitely adds credibility to you as a business. There's another large investor that probably added a lot of credibility, which is Mark Cuban. How did that come about?

Matthew: Yeah, so Mark, we got connected first through his daughter, Alexis. So his daughter had reached out to us and she really enjoyed the product and service in Dallas. And she was using it in Dallas with her friends, of course, whenever she was coming back from college during the summers. She went to Vanderbilt. And I don't want to put too much of her business out, but she wanted Fetii to launch in Nashville at Vanderbilt so that she could experience it with her friends. Super cool. And I kind of gave it to her straight up, like, hey, Nashville is in the pipeline. It might take a while and we need additional capital, this and that. She said, let me talk to my dad. Yeah.

Evan: That's amazing.

Matthew: It's like, hey, we might need additional capital. Do you know anyone?

Evan: By the way, just let me toss this nugget in there.

Matthew: Yeah, yeah. And so we got connected. Oh, and a cool story too is that Jason Kidd and a lot of the staff from the Dallas Mavericks were also Fetii users.

Evan: Super cool.

Matthew: So I think Mark saw, it's like when you have that much validity and you're hearing from multiple people that, hey, this thing is on a roll and people love it, he really made the smart choice to want to get involved. We got involved. We launched in Nashville as well as other cities. And ever since then, he's been a huge supporter, if not our biggest supporter. I mean, he's fantastic. I don't have to say it, but a genius. Yeah. So smart. And yeah, we wouldn't, Fetii would look a lot different if he hadn't come on board. And so just eternally grateful.

Evan: And so he kind of led that round and made it a lot easier for you guys probably to raise. You probably didn't go to 70 venture capital firms to get rejected once Y Combinator and Mark Cuban are both involved.

Matthew: Yeah, and because he led that round, it's now put us in a very strong position where our biggest investor is a founder himself. So you hear a lot of horror stories when you take capital from a VC or from a bank that isn't founder led. I mean, these are just operator and no shade on them, but these are just operators who got MBAs, who learned how a business should be. And because they learned how a business should be, they truly believe they know how it is.

Evan: But they've never actually built it.

Matthew: But they've never actually built anything. And it's definitely not the industry as a whole. But with Mark being a founder and utilizing his own money, and that goes to also with venture capitalists, is that when you take their money, the partners at that firm aren't necessarily, their priority are their LPs.

Evan: Of course.

Matthew: Are the ones who gave them, who trusted them with that capital to deploy it, to get ROI, to get a return on investment for those LPs. So it makes sense that they have to look out for their LPs. And of course, like I said, this isn't the industry as a whole. There's definitely some great founder-friendly VCs out there. But the fact that Mark was deploying his own capital understood how a business and how a founder operates and that they might stumble, but the best founders will eventually find their way. That trust has allowed us to grow how we would like to grow.

Evan: Yeah.

Matthew: Because there's a lot of founders who will take on all this capital and the VCs will say, hey, you need to deploy this capital now and we'll go raise another round. And the founders, without figuring out the most efficient ways to deploy that capital to grow the business, are just incentivized to, okay, let's throw it all on Facebook ads. Let's throw it all on these partnerships and hope it works out so that we can raise another round. And when that doesn't happen, you start going into down rounds, you dilute the founding team significantly, and now you've essentially become an employee.

Evan: And so Mark was different because he didn't have the incentive to have to go back to LPs and say, hey, you have a five-year return on your money. You know, this is what it is. He was able to kind of go more long-term and short-term focused.

Matthew: Exactly. And so, yeah, he's been great. Perfect, perfect partner.

Evan: It's awesome.

Matthew: Yeah.

Evan: I was on the Fetii website the other day preparing for this, and I saw something that I had never seen before, which is Fetii AI. I have no clue what that is. I have no clue what it means. What are you guys doing? What is Fetii AI?

Matthew: Yeah, so we've done a couple things in regards to AI. Two kind of stand out that are really fascinating. The first one is kind of this AI implementation we turned into the app called Neural Shuttle.

Evan: Okay.

Matthew: And what we've done is we take in all of the trip data from our cities and work with different partners. So like one of our partners is Mercedes-Benz Stadium in Atlanta. Another one is State Farm Stadium in Arizona. A couple festivals, this and that. And we're able to work with them and tell them, look, we're not just your typical transportation partner where we'll provide a shuttling for the football game or for the event or whatever it may be, and the rest is on you. Rather, our AI is able to assist and connect our data with your information. And a case study kind of just to make it more understandable is with Mercedes-Benz Stadium where the Falcons play and they do concerts and whatnot. We're able to tell them, hey, a lot of the people that are coming to the football games or a lot of people that are coming to the concert are coming from these five general areas. And because they're coming from these five general areas, we know we can deploy shuttling from those five general areas where those fans or those attendees can go to an area near them, park, and then take a Fetii shuttle. Because the egress from these stadiums is pretty, logistically, it's not set up well. You come out, the congestion just clogs everything up. A typical ride share, if you can get one, is gonna be hundreds of dollars. So they wanted a good system put into place where they could take a Fetii shuttle back to that designated area. And from there, they could either drive their car or get a much cheaper one, two-person ride share.

Evan: Rather than going from the stadium where it's 100 bucks after a game and you're waiting 40 minutes.

Matthew: And it's downtown, so you've got hundreds of ride shares. It made a whole mess. And so the neural shuttle AI can do a lot of cool things where not only do we know where they're coming from, but we know we have a good sense. And this is based on all trip data because prior to our partnership with the stadium, groups were already using Fetii to get to and from. So we're explaining and we're showcasing how the AI not only identifies these areas around the stadium or around the venue or the partner that we're partnering with, but about how many vehicles and shuttles are needed. So if we're able to detect, hey, at this certain location, we need six shuttles, then during the stadium, based on our data, we can reduce that to two. And then on the egress, we can go to five or we can go to seven, which makes it much more efficient, where they don't have to go to a typical charter company. And that charter company is going to say, hey, you want seven buses? OK, you're going to need them for the entire period, maybe during the football game when the driver's just sitting in the parking lot waiting for the game to be over. Whereas with Fetii, you only pay for what you need. And we don't mind because when those shuttles aren't being utilized, they're out transporting groups. So that was just a perfect use case. The second one, which we haven't publicly announced, but I'll explain it here. Yeah, yeah. This is the breaking news, is a new product called Fetii Fiora. So Fetii Fiora, it's available on the app now. It's essentially an AI specialized model that's trained on Fetii data. So if you go onto the Fetii app, you can speak with Fiora and understand where people are going and when they're going there.

Evan: Where other people are going.

Matthew: Where other people are going. And it's not specifically, hey, where's Evan going so I can go stalk him? No, you go onto it and you can be like, hey, me and my friends are in Austin, Texas. We've got a group of six of us. We're 23 years old. And Friday, we want to figure out what's going on Friday. And so we're able to look at our trip data and understand the best places to suggest for you and your group.

Evan: Best concert here.

Matthew: Best concert here. Hey, a lot of trips are being scheduled to this comedy club. You might want to check it out. Or a lot of people are going to this restaurant, this Tex-Mex restaurant. It might be a good spot for you. And that's something that is so unique to Fetii because we have that group data that we A-B tested it with Gemini and ChatGPT. And those models are just pulling the highest SEOs off of Google, right? So you'll get kind of these suggestions that, hey, I know those aren't the hot places. But then you go onto Fetii and you're like, hey, you know, we're with a group. We want to get some margaritas before we go out. What are the top places? And for those that are in Austin, it would suggest like Donata or it would suggest like these places that you know are bumping that are unique to our data set. So that's something that we're really excited about.

Evan: Well, it's cool too because it shows you kind of either what the locals or what the popular tourists who know what they're doing are going. I travel a lot for work. And one thing that I always find is if I have a free evening, I always have so much trouble finding what to do. I was in Miami a couple of weeks ago and I had a free evening and I was like, I have no clue what to do. And I search up stuff online and it's just the top SEO stuff. None of it really looks fun. So that's actually really cool.

Matthew: Yeah. So you touched on it. It works great for locals and it works great for tourists that are entering into a market. And you would be surprised by the ranking on Google of people that type in what to do in Austin, where to go in Austin. And so it's something that people really want to understand. And that goes to what I was discussing earlier is how can we improve the experience? And it's not just transportation point A to point B. Now we can kind of advise you on where to go and when to go there. And so a lot of cool things that we're doing in that.

Evan: And since so much of the market is young Gen Z college students, somebody coming from out of town who's coming in, they get to see like not just what Google says is the top thing, but where are like the kids who live here, where do they want to go? What's the best Tex-Mex spot here or concert there? Where does all the people who actually live here want to go? And that's an asset for tourists that I don't think that they've really had before.

Matthew: No, and you know, and it's problems that I've run into personally, both Justin and I, whenever we go, whenever we're about to launch into a new market, we'll go to that market and we'll get a sense of the city. And so to do that and get a sense of it's the right city to launch in. And so, for example, when we launched in Miami or when we were considering we were considering our San Francisco launch and Orlando launch, we would go on to Reddit forums, we would go on to Google, like where do the college kids go? What are the top bars? Where, and we would have to scour for like an hour plus trying to figure out what the right locations to scout are. We would go there and it wouldn't be, it wouldn't be, you know, there wouldn't be much, much foot traffic and we later find out we were in the wrong place, right? Whereas if we had Fiora back then, we could easily find out the perfect places.

Evan: It's amazing.

Matthew: Yeah.

Evan: So he talks about how so much of the market is college students or younger people. They're just tend to be the ones gathering in groups and going out more than your older people. You're a young CEO, but you're slowly getting older.

Matthew: Yeah.

Evan: Are you finding yourself losing a step with the college kids or are you still super ingrained in that market?

Matthew: Yeah. So I try to keep a pulse on it. Certainly there's a lot of things that we do with, for example, our ambassador network, obviously our God mode, our God mode team, our subscribers, everything like that where we're working with them to kind of understand what the big use cases are and where we need to focus our efforts. And I think you touched on a good point that we're always listening to the customers. It's gotten to the point where, and I tell a lot of founders this, that the biggest mistake is creating features and a product and a service based on what you want. They think, oh, this is so cool. I think this is so cool. Let's deploy this. Whereas I always tell them, look, maybe you don't like this type of feature. But that's what your customers want. So I think that's a big thing. And Bezos talks about it a lot is the customer is the most important. Don't do it for yourself. Don't do it for the VCs. But if you do things for the customers, it's going to pan out well in the long term. And so that's what we've always done. We've listened and kind of just made a forward effort to deploy things and to build things that our customers truly want.

Evan: Well, it's the marketing gets the first customer and the experience makes him a repeat customer.

Matthew: Uh-huh, that's good. Yeah, exactly.

Evan: So what's next for Fetii? This AI stuff you guys are, not just, people throw the term AI around. Everything's an AI company now. But you're using AI and data in a very specific way that only you really have access to to create new products or sub products or features within Fetii. What else is coming? Where do you see yourself going? Do you want to exit one day? Do you have a long term vision? What do you see the future like for Fetii?

Matthew: Yeah, so Fiora is kind of the big one that, like I said, we haven't publicly announced. So that's something that we're going to be excited to really develop and build upon. And deploy. From there, there are a lot of things that I want to build that I think will be great that probably would be premature to announce it. And it goes back to like making sure you're focusing on a certain amount of things. But because we have a really good understanding of our demographic, of course we have a great understanding of transportation, but we have a great understanding of our demographic, which is, you know, 18 to 28 year olds. We've got a lot of great ideas of how we can make their lives and their experiences in the community much more strong. And so that goes everything from the transportation to Fiora to a couple of other things that we have in the pipeline. And then, of course, while maintaining the mantra and the mission and the goal to bring the Fetii experience to every group across the country and hopefully around the world. And so there's plenty.

Evan: Like I said, we're in six states.

Matthew: There's a lot more groups in the country that have yet to have the Fetii experience that we're working to make sure that they receive.

Evan: How many markets are y'all in now?

Matthew: So I got six states, but I think cities equate to like 12, 13, if you're not counting all the surrounding suburbs. If you're counting the surrounding suburbs, it's probably like at 100 now. Yeah. But yeah, so we're in College Station, of course, where we started. Austin, Houston, DFW, San Antonio. We're in Nashville, Atlanta, Phoenix, Scottsdale, Tempe, Tuscaloosa, Baton Rouge, and Miami.

Evan: Amazing.

Matthew: Yeah.

Evan: How many people do y'all transport a year?

Matthew: So last year we did a little, like 2.2 million.

Evan: Okay.

Matthew: Yeah. This year we'll probably double that.

Evan: Wow.

Matthew: Yeah.

Evan: What led to that growth?

Matthew: The Miami has been huge for us, but in our existing markets, we've done so much work on the experience and the quality that it's just reaching new demographics and increasing the frequency. So people are loving Fetii so much that they're just riding it more. We've also expanded a lot into weddings, right? Bachelor, bachelorette parties, lake trips, concerts, shuttle events, where it's not just the college demographic anymore. So it's just growing within each market that's led to that growth and then, of course, expanding into new markets.

Evan: Given that so many college kids know of Fetii and know of you, what right now is the main piece of advice you'd have for college kids?

Matthew: Don't be married to a path, right? A lot of, like you could have said that me stumbling upon that Facebook ad was luck, right? But I think in today's age, a lot of people have opportunities that come across their desk per se that because they're not looking for them, they don't see them, right? So it's that whole thing, like is luck real or is it just seizing the opportunity type of thing? I think it's a blend of both. But I would say just stay open, stay trying new things. And once you've found something that works, put 100% of your effort behind it and try and overcome any obstacle.

Evan: Amazing. Where can people find Fetii, download the app? Where can they find yourself?

Matthew: Yeah, so on the app store, Fetii Ride, F-E-T-I-I. And then on Instagram, it's Fetii and all the socials, Fetii. And website, Fetii.com. And hopefully they get to experience it.

Evan: Awesome. Blast. Thanks for coming on.

Matthew: Yeah, for sure. Thanks, Evan. Pleasure.