Juno, a startup looking to attract drivers from bigger ride-sharing rivals such as Uber by offering them its own stock, is seeking $50 million in its biggest fundraising round to date, according to a person familiar with the matter.
Juno is working with investment bank Mizuho Financial Group to find investors, according to the person, who asked not to be identified because the matter is confidential.
To stand out in the crowded ride sharing market and compete with well-funded rivals, Juno distributes equity to drivers every quarter in the form of restricted stock units.
These stock units, which vest after a certain amount of time, can be cashed out after a “liquidity” event such as a sale of initial public offering, similar to incentives given to employees at technology startups.
Juno has brought on 16,000 drivers since starting its service in New York four months ago.