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Investment will be used to enhance its crowdsourced mobile service across its 100 cities and expand to new markets
TEL AVIV, Israel and MENLO PARK, California, December 18, 2013 /PRNewswire/ --
Moovit, the world's leading crowdsourced transit mobile service, today announced that it closed a $28 million round led by Sequoia Capital, with participation from its existing investors BRM Group and Gemini Israel Ventures. 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.
Moovit helps transit riders plan trips and get to their destination as quickly as possible. The app goes far beyond timetables to offer real time departure and arrival information, trip planning and point-to-point navigation across public transit options (bus, train, light rail, subway, ferry). In just one 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. With more than 10 million user-generated reports each day, Moovit is redefining the transit experience for three million mobile users and growing.
"In a world with seven billion people and only 900 million cars, we all understand the challenge and the opportunity ahead of us", said Nir Erez, Co-founder and CEO of Moovit. "Reducing uncertainty is paramount for public transit users. We are very excited to partner with Sequoia, which has a proven track record and experience in supporting great companies who revolutionize their space."
"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 $31.5M. 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.
Moovit is free and is available for Android and iOS. To download visit http://www.moovitapp.com/download/.
Download for Android: http://bit.ly/moovitandroid
Download for iPhone: http://bit.ly/moovitiphone
Moovit is everything commuters need to ride public transit smarter. By combining transit data with live inputs from the crowd, Moovit gives a complete real-time snapshot of what the trip will be like so users can save time and ride in peace. Moovit is available across more than 100 cities around the world including New York, London, Los Angeles, Paris, Madrid, Barcelona, Rome, Sao Paulo, Rio de Janeiro, Bogota, Santiago de Chile, Mexico D.F., Sydney, Toronto, and Tel Aviv. The app is free for iPhone and Android.
About Sequoia Capital
Sequoia Capital helps founders turn imaginative ideas into enduring companies. As the "Entrepreneurs Behind the Entrepreneurs," the Sequoia team has worked closely with legendary founders such as Steve Jobs of Apple, Larry Ellison of Oracle, Len Bosack and Sandy Lerner of Cisco, David Filo and Jerry Yang of Yahoo!, Max Levchin, Elon Musk and Peter Thiel of PayPal, Sergey Brin and Larry Page of Google, Steve Chen and Chad Hurley of YouTube, and Reid Hoffman and Jeff Weiner of LinkedIn. Sequoia is now helping the next generation of innovators build the lasting companies of tomorrow.
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