Moovit Raises $28M in Series B Round From Sequoia And Others
Social transit app Moovit is announcing a massive round of funding this morning, closing a $28 million round led by Sequoia Capital, with participation from its existing investors BRM Group and Gemini Israel Ventures. Gili Raanan will represent Sequoia on the Moovit board. The Israeli company previously received $3.5 million from BRM Group and Gemini Israel Ventures.
In the same way Waze was able to crowdsource traffic data, Moovit has been able to be the social destination to find data around public transit. Moovit, which launched in 2012, offers Android and iOS apps that gives users data around when the next bus or subway or train or ferry (any public transport) is due to arrive in real-time. This data is brought in from its own users, as well as from public sources, like timetables from transit authorities. Users can also plug in points in their origin and destination, and Moovit will show them the fastest routes using public transportation, and whether these routes are running on time.