Moovit, the intelligent local transit app, closed $50 million in Series C funding from Nokia Growth Partners, BMW i Ventures, Keolis, Bernard Arnault Group and Vaizra Investments to further expand its service in key markets and to continue to grow its participatory community of 15 million local transit riders. Existing investors BRM Group, Gemini Partners and Sequoia Capital also participated. The round will enable Moovit to bring its world-class community to larger audiences.
Moovit is setting a new standard for consumer access to real-time local transit directions through a combination of its free smartphone app and a hyper-engaged community. The company, which recently opened its international headquarters in San Francisco, has already doubled its user community in the last six months.
"Since our last round, Moovit has seen tremendous growth in our initial markets. Now it's time to bring community-powered local transit to people around the globe," said Nir Erez, CEO of Moovit.
Moovit's community model allows it to scale at incredible rates by providing the most accurate directions to people who rely on local transportation to navigate their daily lives. Riders also contribute to Moovit's transit layer and engage in live transit prediction-mapping, which helps other transit riders travel faster and more comfortably.