Moovit, an Israeli made public transport app, has raised $50 million in new funding, giving the company a valuation of as much as $450 million, Israel’s The Marker reported. The new investors in the company were not disclosed.
Previous investors in Moovit include Sequoia Capital, the Gemini Fund and BRM fund, which was co-founded by Jerusalem Mayor Nir Barkat.
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The company, previously valued at only $50 million, has now jumped 700-900% in value.
Moovit was launched in March 2012, and began its international expansion in 2013. Its main corporate headquarters are located in Ness Ziona, Israel, with an International office in San Francisco. In December 2013, the company raised $28 million in a round led by Sequoia Capital Venture Capital Funds, in addition to the $3.5 million it raised in a previous round from Gemini Israel Ventures and the BRM Group.
The Moovit App boasts that it offers everything you need to travel on public transport in the, “smartest, speediest and easiest way possible”. It works by combining information from public transport operators and authorities with live information from the user community. It offers travelers a real-time picture and the fastest and the most comfortable routes.
Moovit users can also send active reports about their travel experience, such as bus congestion levels and cleanliness. The more people use Moovit, the more users receive real-time information concerning buses and trains. Live information received from travelers, the company says, offers all users improved route plans and more accurate estimates about arrival times.
The app is currently available in over 40 countries in Europe, North and South America, Asia and Australia, and in approximately 400 cities, including New York, Paris, London, Rome, Los Angeles, Barcelona, São Paulo, Buenos Aires, Sydney and Toronto.