Moovit raises $50M to scale its public transit app
Waze is one of apps which has proven that crowdsourced data can become the basis of a popular and practical transportation app for drivers… and that you can make on it a lot of money. For those who don’t remember one year ago Waze has been acquired by Google for $1.1 billion.
Now another Israeli startup called Moovit, is trying to apply the same lessons to public transit. Moovit is a location-based app that allows you to plan your trip by all means of public transportation. It starts by taking data from transit systems and then applies an algorithm that combines it with real-time and historical data from users. It allows to better estimate times of arrival and all sorts of other information about your travel.
With 15 million users and 500 available cities in 45 countries Moovit announced yesterday that it has raised $50 million in a new Series C funding round from investors including Nokia Growth Partners, BMWi Ventures, Bernard Arnault Group, Vaizra Investments, BRM Group, Gemini Partners, Sequoia Capital and a French public transit operator Keolis. The company is now worth as much as $450 million.
Not bad at all.