Intel Capital, the corporate venture capital arm of semiconductor technology producer Intel, led a $50m series D round for Israel-based urban mobility app developer Moovit yesterday.
BMW iVentures and Nokia Growth Partners (NGP), the corporate venturing subsidiaries of automotive manufacturer BMW and communications technology provider Nokia, also took part in the round, as did consumer electronics supplier Hanaco.
Venture capital firms Sequoia Capital, Sound Ventures, Gemini Israel Ventures, Vaizra Investments and Vintage Investments filled out the investors along with BRM Group, the investment vehicle for the Israel-based Barkat and Rakavy families.
Moovit has built a real-time transit data app that combines official information from public transport operators with knowledge and tips provided by its users. It also pools information into a platform where it can be accessed by operators and municipalities to improve their services.
The company has more than 20 million registered users across 2,000 cities spanning 80 countries. It will use the series D capital to strengthen its consumer products and software platform, and to expand its sales team.
The round increased Moovit’s total funding to $133m, it said. Its last funding consisted of an undisclosed amount from Sound Ventures in late 2015 likely to have been $1.5m.
NGP, BMW i Ventures, public transport operator Keolis, Bernard Arnault Group, Vaizra Investments and existing backers BRM, Gemini and Sequoia had invested $50m in the company’s series C round at a $450m post-money valuation earlier the same year.
Amnon Shashua, a senior vice-president at Intel who is also the chief executive of driver-assistance technology producer Mobileye, will take an observer role on Moovit’s board of directors in connection with the deal.