Moovit, the Waze of public transport, raises 50 million dollars, Keolis (SNCF) and Bernard Arnault in the capital
Moovit, the “Waze of public transport” has just raised 50 million dollars (42.3 million euros) from Nokia Growth Partners, BMW i Ventures, Keolis (70% owned by SNCF), Bernard Arnault Group and Vaizra Investments, and its historic investors BRM Group, Gemini Partners and Sequoia Capital.
The company had already raised 28 million dollars in December 2013. The concept: to use public data and data provided by users themselves to find the fastest route in public transport. Via its applications, Moovit also offers timetables, maps, the best routes, sending alerts if necessary and real-time information if a problem occurs on a line (delays, cancellation of trains, etc.).
Nine cities in France
The company was founded in 2011 in Israel and today claims to cover more than 500 cities around the world. In France, nine are covered by the service, including Paris, Bordeaux, Marseille, Nancy, Nantes, Angers, Rennes, Toulouse and Strasbourg.
“Urbanization, demographics and traffic congestion are the driving forces behind the use of public transport around the world. By using real-time data and building a seamless experience for people who move from the suburbs, Moovit solves a daily problem for millions of people, ”said Bo Ilsoe, managing partner at Nokia Growth Partners.