US-based transit app developer Moovit has secured $50m in a series C round that included Finland-based technology company Nokia’s corporate venturing unit Nokia Growth Partners and automotive company BMW’s corporate venturing arm BMW iVentures.
Keolis, a transport group majority owned by railway company SNCF; Bernard Arnault Group, which is backed by luxury goods producer LVMH; and Vaizra Investments also joined the round, along with existing investors BRM Group, Gemini Partners and Sequoia Capital.
Sequoia previously led Moovit’s series B round, which raised $28m in 2013. BRM and Gemini, both of which first invested in the company’s $3.5m series A round in 2012, also took part in the series B.
Moovit operates a smartphone app available for Android, iPhone and Windows Phone which provides users with real-time local transit directions, including details such as how crowded a bus will be and whether it is likely to be delayed.
The company will use the new funding to support international growth.