A startup founded by Morgan Stanley and Accenture alums in the Hamptons is raking in 7-figure revenues as it spreads to luxury markets across the US

Between the crowds and the permit-required parking lots, there was rarely an easy — or cheap — way to enjoy a summer day on the sand.

In 2009, Esposito and Mirras, now both 30, finished their undergraduate studies at the University of Florida and Bentley University, respectively. They toyed with the idea of starting a shuttle bus company as a solution to their childhood grievance.

But there were vehicle costs, like insurance, maintenance, and fuel, to consider. Plus, the two were eager to begin their professional lives; Mirras was off to work at Morgan Stanley and Esposito was pursuing his MBA at Bentley.

They ran with the idea — but kept at their day jobs — and founded the Free Ride in the summer of 2011, debuting with a few open-air, fully electric cars operating in

By the following summer, Mirras had left Morgan Stanley to run operations for the Free Ride full-time. They added additional routes in South Florida and Santa Monica, California, and were soon partnering with household brands like JetBlue, Corona, Coco-Cola, and, later, L'Oreal. Since then, ad revenues have surpassed seven-figures, nearly doubling every year, according to Esposito.

Not only are the cars wrapped in fun, cheeky advertisements, some of the companies provide freebies, like cold drinks, snacks, and beauty product samples, to riders. Plus, an iPad inside each car doubles as an interactive video advertisement and photo booth.

Esposito eventually quit his job at consulting company Accenture to join Mirras to bring the Free Ride to other cities around the country.

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They recently started expanding beyond beach-only routes. Late last year, they partnered with the city of San Diego to launch FRED, Free Ride Everywhere Downtown, an e-hailing service covering about a two-mile radius within the city.

Esposito calls it a "micro-transit solution" because it fills a gap that buses, trains, yellow cabs, and even Uber and Lyft don't fill: short, free rides you can request via an app or hail from the street.

The Free Ride currently operates a fleet of 82 shuttles — all driven by Free Ride employees rather than contractors — operating throughout the Hamptons, South Florida, Southern California, and the Jersey Shore, each with its own operating hours and pre-determined route. Cars that aren't being used in one market, like New York during the winter, are either transferred to a busier market, or used for private events.

To date, the company has given 1 million free rides.

"We haven't burned an ounce of fuel doing it and it's really been exciting seeing the business pivot from what was once a fun, little beach shuttle idea into now what we see as being a huge micro-transit solution that's applicable in areas all over the country and all over the world," Esposito said.

A startup founded by Morgan Stanley and Accenture alums in the Hamptons is raking in 7-figure revenues as it spreads to luxury markets across the US

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