Mobile ticketing solutions provider Masabi raised $12 million in its latest funding round, with investment coming in from corporate partners for the first time.
In a statement, the near-15-year-old company talked up the latest funding round as marking “a step change in Masabi’s growth and speed to market”, after it secured investment from international transport operator Keolis, MasterCard, and Lepe Partners, as well as existing investor MMC Ventures.
Masabi in particular highlighted its strategic partnerships with MasterCard and Keolis, with today’s announcement building on previously announced agreements with both companies.
It first announced a partnership with MasterCard earlier this year to integrate digital payment service MasterPass into its JustRide platform, enabling consumers to buy and display tickets via smartphones.
French transport group Keolis is also working to include Masabi’s mobile ticketing into its integrated digital offering.
“Our mission is to transform everyday transport for millions of people in cities worldwide,” said Brian Zanghi, CEO of Masabi. “The combination of Masabi, MasterCard and Keolis represents three companies working at the forefront of their respective fields to develop and deploy products, making this a reality.”
Masabi said it is now working with more than 22 transport operators and agencies, and is active in a number of major cities worldwide, including London, New York and Athens.
It has not yet disclosed financial performance results. In March 2013 it secured $2.8 million in funding from Detroit-based Fontinalis Partners, a strategic investment firm focused exclusively on next-generation mobility companies; London-based MMC Ventures; and m8 Capital. Prior to that round it announced a $4 million Series B funding round with m8 Capital in March 2011 and a $2 million round from the same VC firm in September 2010.
Watch an exclusive interview with one of the company’s co-founders here.