Moovit Raises $50 Million in Funding Round

With travel-assistant app already used by 12 million worldwide, Israeli startup now worth $300-450m

Send in e-mailSend in e-mail
Buses on the road. The ministers are scheduled to vote on reforms.
Buses on the road. The ministers are scheduled to vote on reforms.Credit: Ofer Vaknin

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.

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.

Click the alert icon to follow topics:

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.
From $1 for the first month

SUBSCRIBE
Already signed up? LOG IN

ICYMI

The Orion nebula, photographed in 2009 by the Spitzer Telescope.

What if the Big Bang Never Actually Happened?

Relatives mourn during the funeral of four teenage Palestinians from the Nijm family killed by an errant rocket in Jabalya in the northern Gaza Strip, August 7.

Why Palestinian Islamic Jihad Rockets Kill So Many Palestinians

בן גוריון

'Strangers in My House': Letters Expelled Palestinian Sent Ben-Gurion in 1948, Revealed

AIPAC

AIPAC vs. American Jews: The Toxic Victories of the 'pro-Israel' Lobby

Bosnian Foreign Minister Bisera Turkovic speaks during a press conference in Sarajevo, Bosnia in May.

‘This Is Crazy’: Israeli Embassy Memo Stirs Political Storm in the Balkans

Hamas militants take part in a military parade in Gaza.

Israel Rewards Hamas for Its Restraint During Gaza Op