Moovit, the Israeli startup that has developed an application providing users with real-time information on public transportation options, has successfully wrapped up a financing round in which it raised $50 million, TheMarker has learned. The Moovit app is currently in use by 12 million people in 400 cities around the world. There are more than a million users of the application in Israel alone.
- Word to the streetwise: Waze isn’t the only app
- Israeli public transit app Moovit raises $28 million
- Moovit: The app that knows when the next bus is coming
The financing round included the participation of international investment firms, although their identities remain unknown. Prior investors in the company, which was founded in 2011, include United States-based Sequoia Capital and the Gemini and BRM funds of Israel. (Among the founders of BRM was the current mayor of Jerusalem, Nir Barkat).
According to industry estimates, in this financing round Moovit, which has about 65 employees, was valued at $300 to $450 million, compared to the prior round in which it was valued at about $50 million. About a year ago, the company raised $28 million in a round led by Sequoia.
Since its founding, Moovit, which does not have a revenue stream, has raised $81.5 million. Most of the company’s staff is based at the Nes Tziona-Rehovot science park, although it also has an office in San Francisco.
The Moovit app assists travelers in planning their route of travel, taking information that it gets in real time from buses or trains. The data includes traffic tie-ups on the roads and crowing on trains. Passengers are also alerted before it is time for them to disembark. The application features information on lines of travel that have been changed or discontinued as well as information for pedestrians whose departure point or destination requires a walk. The app targets people who travel public transportation routes on a daily basis as well as tourists who are new to a city.
Moovit was founded by traffic engineer Yaron Evron and Roy Bick, who came to Moovit from the high-tech sector, as well as the company’s CEO, Nir Erez.