LOS ANGELES -

Carsharing marketplace for ridesharing and food/package delivery services, HyreCar Inc. is joining the Russell 3000 Index, effective when the the U.S. market opens on June 28, according to a preliminary list of additions posted Friday.

“We have worked hard to get to this point, taking the company from concept to now joining the Russell 3000, something that we believe will attract broader interest in Hyrecar from institutional investors and investment funds,” HyreCar chief executive officer Joe Furnari said in a news release. “I'm proud of the tremendous progress we have made this year, both operationally and driving top line growth that should continue as we execute on our strategic plans in 2021.”

The Annual Russell indexes reconstitution  serves to capture the 4,000 largest U.S. stocks as of May 7, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000  Index or small-cap Russell 2000 Index — as well as the appropriate growth and value style indexes — the press release explained. These rankings are defined primarily by objective, market-capitalization rankings and style attributes.

What also makes these indexes important is that they are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s U.S. indexes. 

This past winter, the company appointed new leaders, saying that they were coming on board at a time of significant growth opportunities for the company. After serving as the company’s senior vice-president of strategic partnerships, Brian Allan will assume the role of president for HyreCar, a carsharing marketplace for ridesharing, food, and package delivery services. The company also appointed leaders for the roles of chief technology officer and senior vice-president of product and operations.