The Israeli company behind transport app Moovit announced Series C funding totalling $50 million, with which it plans to expand into untapped markets.
Moovit is a free iOS and Android app that provides the best public transport routes using real-time updates from other users. It also provides live maps of nearby stations and trains, estimated travel times, and suggestions for walking routes.
Its services are now available in more than 500 cities — up from 100 at the end of 2013, with a new city added each day. It has approximately 15 million users.
In a post on its blog, the company said the funding participants include Nokia Growth Partners, BMW I Ventures and French transit company Keolis. These companies all plan to partner with Moovit as it expands globally, according to The Wall Street Journal.
Other investors are Sequoia Capital, Bernard Arnault Group, Vaizra Investments, BRM Group and Gemini Ventures.
The company said the investment help it to “keep up the good fight, building the world’s community-powered transit platform”.
More specifically, the money will be used to expand into the Asia Pacific region, with Moovit having previously focused on North America, Latin America and Europe.
The company has not yet made money as it is still working out how to generate revenue without negatively impacting the user experience.
Nir Erez, Moovit’s co-founder and chief executive, told The Wall Street Journal that options include users buying travel tickets through the app, or arranging car rentals – something investor BMW may be interested in.
Ads based on users’ destinations are another possibility.
Despite a lack of revenue, Moovit has now raised more than $80 million with its last funding round coming in December 2013, when it raised $28 million.