When he was a senior studying at Texas A&M University, Matthew Iommi realized that there were no good options for transporting groups of people. Fellow college students heading out for the night together didn’t have access to on-demand rides with the same convenience,

The Dallas billionaire reportedly led a $7.35 million seed funding round in Fetii Inc., an Austin-based company that has created a group ridesharing service using vans. Startup accelerator Y Combinator and venture capital firm Goodwater Capital, among others, also participated in the round announced on Feb. 18, according to Forbes.