Hitting Half A Billion Users, Moovit’s Mobility Empire Wraps Up Record Year
This article was first published by The Times of Israel and is re-posted with permission.
Moovit, an Israeli-founded urban mobility company that operates internationally, has had a big year. This summer, it hit a significant milestone with over half a billion users of its popular public transportation application, and strove to make transits and commutes even smoother by building on existing partnerships or sparking new ones with major multinationals including Uber, Microsoft, and most recently, Waze, an Israeli-founded navigation app sold to Google in 2013 for $1 billion.
SEE ALSO: Uber Taps Moovit For Transit Data, To Offer New In-App Public Transport Feature
Moovit has, in fact, been commonly referred to as the “Waze for public transportation” since it was founded in 2012 by entrepreneurs Nir Erez, Roy Bick, and Yaron Evron. Headquartered in Ness Ziona, the company developed the first free crowdsourced app that provides real-time bus, train, subway, and light rail schedules, offers route options to help users find the quickest, most efficient way to their destinations, and issues exact instructions on how to get there.
The company grew quickly, raising over $3 million in venture financing the year it was founded, $28 million a year later and another $50 million in 2015, according to business intelligence platform Crunchbase. Investors have included Sequoia Capital Israel, BMW i Ventures, and NGP Capital, a VC firm based in Palo Alto.
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