US-based transit app developer Moovit, backed by a range of corporates, secured an undisclosed amount of funding from venture capital firm Sound Ventures yesterday.
Founded in 2012, Moovit provides a smartphone app that lets users check local transit information, such as how crowded a bus is or whether it is on time, in real time.
The investment will support the company’s ongoing expansion in India, China and other international markets. The app is currently available in more than 700 cities across the world.
In January 2015, Moovit raised $50m in a series C round featuring technology company Nokia’s corporate venturing arm Nokia Growth Partners and automotive company BMW’s investment unit BMW iVentures.
Keolis, a transport group majority owned by railway company SNCF; Bernard Arnault Group, backed by luxury goods producer LVMH; Vaizra Investments; BRM Group; Gemini Partners; and Sequoia Capital also took part in that round.
Moovit also received $28m in a 2013 series B round, led by Sequoia and including BRM and Gemini. The latter two also contributed funds to a $3.5m series A round in 2012.