Farai Gundan built MyRideWallet to solve a problem many Detroiters know well: getting from one place to another isn’t always simple.
Detroit residents often rely on multiple transit systems – DDOT, SMART, the QLINE, scooters and bikes — each with its own payment process. For employers, transportation challenges can also contribute to employee turnover and attendance issues.
MyRideWallet was designed to simplify both.
FARAI GUNDAN
“We’re creating a single payment platform that allows people to move seamlessly from one mode of transit to another without worrying about how to pay or what app to use,” says Gundan, founder and CEO of the Detroit-based mobility startup.
Like many first-time founders, however, building the product was only part of the challenge.
“Access to capital, understanding the funding landscape and building a network were all obstacles,” she says. “I’m a first-time founder, and there was so much I didn’t know.”
Support from Venture 313 helped change that.
Recently bolstered by a new $6.4 million investment from the Gilbert Family Foundation, Venture 313 has become one of the nation’s largest city-focused initiatives dedicated to expanding access to capital and resources for Black and underrepresented founders. Since launching in 2022, the collaboration between TechTown Detroit, Invest Detroit Ventures and Detroit Development Fund has helped more than 125 founders unlock more than $50 million in additional investment.
Erin Grant, director of the Detroit Development Fund Microloan Fund, says the latest investment allows Venture 313 to expand the ways it supports entrepreneurs.
“It allows us to continue supporting early-stage founders while expanding what we can offer,” Grant says. “We’re launching a debt pilot program and continuing technical assistance grants that help entrepreneurs cover costs like legal services, accounting and marketing while becoming stronger business owners.”
Grant says the strength of Detroit’s startup ecosystem extends beyond funding.
ERIN GRANT
“I wish more people understood that Detroit’s startup ecosystem is based on relationships,” she says. “It’s not transactional. We don’t invest in entrepreneurs and then walk away. We provide wraparound support and continue building those relationships as founders grow.”
That approach shapes every stage of the founder journey.
“If a founder needs legal assistance, we connect them with attorneys. If they’re ready for debt financing, we help them navigate that process,” Grant says. “Once someone enters the Venture 313 ecosystem, they become part of a community.”
It’s also helping entrepreneurs identify everyday challenges and build businesses around real solutions.
“Our entrepreneurs today are identifying problems in the community and finding real solutions,” Grant says.
Gundan’s MyRideWallet is a great example. The platform helps transit riders access multiple transportation systems through a single digital wallet while giving employers a way to provide transportation subsidies that help employees reliably get to work.
“One of the biggest issues companies face is employee turnover connected to transportation,” Gundan says. “This creates a seamless way for employers to support their workforce while helping people access reliable transit.”
The platform is also expanding access to public transportation itself.
“We’re introducing a new category of riders,” she says. “People who may have walked to work before can now use DDOT, SMART, scooters and bikes through one connected experience.”
The mission is personal.
“I think about some of my friends who work in manufacturing,” Gundan says. “They’re transit insecure. They walk, they ride scooters, they show up in bad weather because they need to work. They need food and a roof over their heads. That fortitude humbles me. It validates the work we’re doing.”
And Venture 313 provided more than funding.
“It gave us confidence,” she says. “Being able to pull out my phone and show people a working product changed everything. It helped us get in front of the right people, refine how we describe what we’re building and create opportunities we wouldn’t have had on our own.”
Grant points to companies like Breadless and JustAir as additional examples of Detroit businesses growing beyond the city while keeping their roots here.
“That’s what success looks like,” she says. “Companies launch in Detroit, stay in Detroit and continue growing nationally. We want to create jobs and economic opportunity that flow through Detroit rather than out of Detroit.”
Gundan says the city’s startup community is also helping change long-held perceptions.
“People still think of Detroit as blue collar or legacy manufacturing, and they miss what’s happening underneath the surface,” she says. “The Detroit comeback story isn’t finished. Founders are writing the next chapter.”
Her advice to entrepreneurs from underrepresented backgrounds is simple.
“Your idea is worthy. Your team is worthy,” she says. “Put yourself in rooms that make you uncomfortable and remember that you belong there.”
And maybe most importantly:
“The opportunity of a lifetime must be seized in the lifetime of the opportunity,” Gundan says. “Now is the time to show up. The support is here. Your dreams are valid – embrace them and go build.”
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