Alliance Ventures, the venture capital fund formed by the partnership of carmakers Renault, Nissan and Mitsubishi, has led a $17.5m series B round for Canada-based mobility app developer Transit.
Inmotion Ventures, the corporate venturing arm of automotive manufacturer Jaguar Land Rover, also took part in the round, as did VC firms Accel and Real Ventures.
Transit has created a mobile platform that enables users to access public transport as well as ride hailing, bicycle and scooter rental. It makes use of crowdsourced information and data sourced from public transit agencies to give users real-time updates on location.
François Dossa, vice-president of ventures and open innovation for Alliance Global, said: “We are pleased to make a strategic investment in Transit, the leading urban mobility navigation startup in North America.
“This investment, which will advance Transit’s efforts to make mobility seamless and accessible in cities, fits with the Alliance 2022 strategy to become a leader in robo-vehicle ride hailing mobility services and a provider of vehicles for public transit use and car-sharing.”
The company had raised a small amount of seed capital before adding $2.4m in series A funding from Accel, Real Ventures, Accomplice and the state-owned Business Development Bank of Canada. The same investors supplied $5m in seed funding in September 2017.
