Public Transport Information App Raises $28 Million from Investors
Published on: 18th Dec 2013
By: Ian Mansfield
Public transport information app provider Moovit says that it has closed a USD28 million round led by Sequoia Capital with participation from its existing investors BRM Group and Gemini Israel Ventures.
Moovit said that it will use the investment to enhance service in the 100 cities in which it operates, while expanding to new markets. Gili Raanan will represent Sequoia on the Moovit board.
In the year since launching its free service globally, Moovit has expanded to more than 100 cities worldwide, and handled more than one billion requests for real time information. The crowd-sourced information processes around 10 million updates per day.
"Moovit has built an incredibly useful product for the huge, fragmented and underserved market of public transit riders," said Gili Raanan, partner, Sequoia Capital. "Rapid urbanization will lead to more than 6 billion people living in cities by 2050, and Moovit is working with transit authorities to make daily travel more enjoyable around the world."
The latest funding brings Moovit's total venture funding to $31.5 million.
The company previously received $3.5 million from BRM Group and Gemini Israel Ventures. Uri Levine, former President and Founder of Waze, is a member of the company's Board of Directors.