Moovit, the world´s first public transport app, has raised $50 million in a Series C funding round that will help it expand globally in order to contend with similar apps such as Waze and CityMapper.
The Israeli-made mobile app lets riders plan trips and get up-to-date information about any obstacles on local public transit systems in more than 500 cities around the world. Moovit says it has 15 million users in over 40 countries in Europe, North and South America, Asia and Australia. The company says it adds a new city every day. Moovit says that it is the only global app, other than Google Maps, to provide real time transit information. “Since our last round, Moovit has seen tremendous growth in our initial markets. Now it’s time to bring community-powered local transit to people around the globe,” Moovit CEO Nir Erez said in a press release. “We’re also proud to welcome our new, strategic investors to the team who will play integral roles in our plans for worldwide expansion.” Investors in the latest funding round included Nokia Growth Partners, BMW iVentures, Keolis, Sequoia Capital, Bernard Arnault Group, Vaizra Investments, BRM Capital and Gemini Partners.