US-based transit services provider Via closed $70m in series C funding from investors including media group Hearst yesterday and plans to raise another $30m in the next few weeks.
The round is being led by Pitango Growth, a fund managed by venture capital firm Pitango, and includes Poalim Capital Markets, C4 Ventures, Ervington Investments and 83North. Hearst participated through its corporate venturing vehicle, Hearst Ventures.
Founded in 2012, Via operates an on-demand transport system that matches users looking to make similar trips. Customers share rides in professionally driven vans, sedans or SUVs, and the carpooling element keeps costs down.
The company currently operates in New York City and Chicago, with an additional office in Tel Aviv, Israel. It will use the funding to fortify its service in those cities and expand into new markets, and plans to offer its technology to municipalities and transit authorities.
Hearst Ventures, Pitango, Ervington Investments and 83North previously supplied $27m in series B funding for Via in April 2015, just over a year after the company had raised $10.1m from 83North, RiverPark Ventures and Expansion Venture Capital.
Via co-founders Daniel Ramot and Oren Shoval said in a statement: “With existing transportation infrastructure straining and in some cases failing to meet rising demand across the globe, Via’s dynamic bus system offers cities a smart solution to traffic congestion and emissions.
“We are delighted to have secured significant backing for our vision: eliminating single-occupancy vehicle trips by creating a mass transit system powered by advanced algorithms and data.”
– Photo courtesy of Via Tranpsortation, Inc.