Moovit, a provider of a transit app available globally, raised an undisclosed amount of funding.
Sound Ventures, the venture capital firm co-founded by Ashton Kutcher and Guy Oseary, made the investment.
The company, which has raised over $81m to date, intends to use the funds to advance growth in markets like India and China.
Founded in 2012 in Israel by CEO Nir Erez, Roy Bick, and Yaron Evron, Moovit provides a transit app with service in over 700 cities globally and with over 30 million users. The platform, which combines information from public transport operators and authorities with live information from the user community, offers travelers a real-time picture and the fastest and the most comfortable routes. Users can also send active reports about their travel experience, such as bus congestion levels, cleanliness, etc.
The company is now launching in a number of global markets that do not have readily available public transit data, including Bangalore. It is expecting to launch three more cities in India before the end of the year and is now also publicly launching 4 cities in China: Hong Kong, Shanghai, Guangzhou and Beijing.
FinSMEs
03/11/2015