Moovit makes cash move
Start-up watch: And there goes $50 million for yet another transport app. But wait, this is no Uber or Lyft manqué but Moovit, whose business is the business of public transport, writes Maria Stadtmüller. The San Francisco start-up has grabbed the cash from the likes of Nokia Growth Partners, BMW i Ventures, Sequoia Capital and French transport firm Keolis. Moovit, which reckons it has 15 million app users around the world – including New York, LA, Sao Paulo, Madrid, Rome, Milan – and the transaction gives it a valuation of some $450 million.
Moovit is moving and shaking public transportation in 45 countries, in fact, and says it is adding a new city every day. As with something like Citymapper, users enters enter their location and a destination into the app to generate different transport options. Moovit delivers journey times based on crowdsourced data from other Moovit-ers – the crowdsourced bit is the company’s USP.
Oh, how is Moovit doing on the business side? CEO Nir Erez tells VentureBeat that “generating revenue is not our focus at this time”. Goddit.
By the way, BMW i Ventures’ mobility investments also include the likes of Life360, MyCityWay, ParkatmyHouse and ChargePoint.
“Promoting urban mobility is one of the biggest and most fascinating challenges of our times,” says Bernhard Blättel, president of BMW i Ventures and BMW Group vp mobility services. “We believe that Moovit’s service will have important benefits for the future in terms of improving personal mobility within the transport systems of major cities."