The company behind transport app Moovit secured $28 million in funding, which it plans to use to expand into new markets and improve services in the 100 cities it already covers.
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.
The app has three million users with 10 million user-generated reports each day. It passed one million users in June.
In September, Moovit partnered with Brazilian operator TIM to offer a tailored version of the navigation service that will eventually be pre-installed on devices.
The investment is led by technology-focused venture capital firm Sequoia Capital, with participation from existing investors BRM Group and Gemini Israel Ventures. The investment brings Moovit’s total funding to $31.5 million.
“Moovit has built an incredibly useful product for the huge, fragmented and underserved market of public transit riders. Rapid urbanisation will lead to more than 6 billion people living in cities by 2050, and Moovit is working with transit authorities to make daily travel more enjoyable around the world,” commented Gili Raanan, partner at Sequoia Capital.