The Next Waze? Social Public Transportation App Moovit Raises $28M
Public transport app Moovit has raised $28 million. The crowdsourcing app gathers real time information from passengers as well as other sources to recommend the fastest public transport routes at any given time – doing for public transport users what Waze does for car drivers.
The Nes Tziona based company was founded in 2011 by CEO Nir Erez, VP Operations Roy Bick, and Yaron Evron. The app was launched in Israel in 2012 and at the start of 2013 in other cities worldwide including in the US, France, Holland, Spain, Italy and Brazil.
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This latest financing round was led by Sequoia Capital with participation of previous investors BRM Capital and Gemini Israel Ventures. The company has raised $31.5 million to date including this latest round of financing.
Moovit 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.