Moovit Raises $50M Funding Led by Nokia Growth Partners (NGP)

Moovit Raises $50M Funding Led by Nokia Growth Partners (NGP) Credit: Moovit

Moovit, the intelligent public transport App which helps users to travel on public transport the 'smartest, speediest and easiest way possible', has closed a $50 million Series C funding from Nokia Growth Partners, BMW i Ventures, Keolis, Bernard Arnault Group, and Vaizra. The investments, said Moovit, will help them to further expand their service in key markets and continue the growth of their participatory community of 15 million local transit riders. 

According to Moovit which was established in 2012, by combining information from public transport operators and authorities with live information from the user community, it offers travelers a real-time picture and the fastest and the most comfortable routes. Moovit said that users can also send active reports about their travel experience, such as bus congestion levels, cleanliness, and more. The company added that the more people use Moovit, the more real-time information concerning buses and trains is distributed. Live information received from travelers offers all users improved route plans and more accurate estimates about arrival times, said the company.

Moovit's competitors include Citymapper,Transit, Hop Stop and of course, Google Maps.  

Bo Ilsoe, Managing Partner at Nokia Growth Partners
Urbanization, age demographics and traffic congestion is driving up the usage of public transportation worldwide. Using real-time data and building a seamless experience for the commuter, Moovit is solving a daily problem for millions of people. We are thrilled to back this talented team and help them make Moovit become the de-facto standard for local transit.

Nir Erez, CEO of Moovit
Since our last round, Moovit has seen tremendous growth in our initial markets. Now it's time to bring community-powered local transit to people around the globe. We're also proud to welcome our new, strategic investors to the team who will play integral roles in our plans for worldwide expansion.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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