Bus

Masabi secures $2.8M in funding

Posted on March 20, 2013

Transit mobile ticketing and agile fare collection company Masabi secured $2.8 million in funding from Detroit-based Fontinalis Partners, a strategic investment firm focused exclusively on next-generation mobility companies; London-based MMC Ventures and existing investor m8 Capital to accelerate U.S. transit agency deployments.

The company also announced the opening of its New York office and the hiring of Josh Robin as VP, strategy and business development, North American operations.

“Masabi’s partnership-based approach to implementing agile fare collection means that transit agencies can have a revolutionary mobile ticketing system in months, not years, as we have shown with the MBTA in Boston. Because Masabi takes on the risk of delivering the new service on-time and on-budget, we only succeed when the agency succeeds,” said Ben Whitaker, CEO of Masabi.

Masabi’s JustRide product is a cloud-based rapidly deployable, and end-to-end mobile ticketing and fare collection system with award winning mobile apps for ticket purchase, use and ticket agent validation. The solution allows transit agencies to revolutionize riding transit by allowing customers to purchase tickets without needing to wait in line. Masabi’s technology also means that transit agencies can now launch mobile ticketing for a significantly lower capital investment than traditional fare collection systems.

Masabi already processes more than $50 million in ticket sales per year across its systems worldwide and continues to see strong growth. In November 2012, the company launched the U.S.’s first system-wide deployment of mobile ticketing for Boston’s Massachusetts Bay Transportation Authority (MBTA).

Unlike a traditional fare collection system which would have taken years of development and cost an estimated $70 million, Masabi was able to deploy its JustRide system in just seven months and at minimal cost to the MBTA. In the four months since launch, it has processed $3 million in transactions, accounting for more than 10% of ticket sales.

View comments or post a comment on this story. (0 Comments)

More News

UTA takes delivery of Provo/Orem BRT bus

The New Flyer Xcelsior 60-foot articulated bus is the first to be delivered and will now go through a thorough testing process.

FTA makes $226M in grants available to improve transit bus service

All projects must comply with Buy America regulations, which require that all iron, steel, or manufactured products be produced in the U.S., as well as final assembly of vehicles.

WSP USA designing BRT system for TriMet

The 14-mile Division Transit Project will provide an improved high-capacity connection between downtown Portland and the City of Gresham via Division Street.

New Flyer to supply 14 60-foot articulated buses to Brampton Transit

The vehicles will be delivered starting Q1 2018.

Valley Metro to add 187 ElDorado, New Flyer buses

All vehicles are funded by Federal Transit Administration and a half-cent sales tax that funds the Regional Transportation Plan in Maricopa County, which was approved by voters in 2004.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close