Via raising $100M for transport app - Mobile World Live

Via raising $100M for transport app

09 MAY 2016

Ride-hailing app Via is raising $100 million in funding to create “the public transit system of the future”.

The company has closed $70 million already, with $30 million in “strategic investment” to close in the coming week.

The app, currently available in New York City and Chicago, matches passengers heading in the same direction with a single large vehicle.

The idea is to create an “affordable, convenient and premium bus service”, while keeping trip duration similar to a private taxi.

The financing will be used to drive growth in New York City and Chicago, to expand into new cities, and aid municipalities and transit authorities seeking to improve their public transit services by using Via’s technology.

It will also support strategic partnerships to operate Via’s platform in “novel environments”. A collaboration with Mercedes-Benz Research and Development North America is currently underway.

Daniel Ramot and Oren Shoval, co-founders, said: “We’re delighted to have secured significant backing for our vision: eliminating single-occupancy vehicle trips by creating a mass transit system powered by advanced algorithms and data.”

The funding was led by Pitango Growth. The funds bring Via’s total investment to $137 million.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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