Masabi announced a strategic growth investment from Accel-KKR to accelerate Masabi’s product development and add new deployments of Justride in North and South America, Europe, and Asia-Pacific.
Existing investors Shell and Smedvig Capital are also participated in the round.
Masabi operates in nine countries, with more than 140 customers in cities such as Denver, Las Vegas, Boston, Los Angeles, San Antonio, Columbus, Calgary, Birmingham, Valencia, Bilbao, and Osaka.
“The past few years have seen a revolution in transport ticketing and payments technology, and Masabi has consistently been at the forefront, time-after-time delivering ground-breaking firsts which have shaped the industry,” said Brian Zanghi, CEO of Masabi. “This significant investment will help us build on our market-leading technical and geographic foundations, to accelerate company growth and make it easier for more passengers around the globe to safely and quickly access public transport. We’re delighted to welcome Accel-KKR’s support and look forward to working with them to take our growth to the next level.”
Masabi combines SaaS and cloud computing to deliver FPaaS which enables transit agencies to benefit from the latest ticketing innovations, according to the news release.
“Over $270 billion is spent every year on tickets for public transit globally, and it is one of the most visible services that local governments provide," said Joe Porten, managing director of Accel-KKR. "Public transit agencies have been underserved by rigid, stifling systems unable to keep up with technology and consumer-facing innovations that riders have come to expect in their daily lives. We have been impressed by Masabi’s agile yet powerful SaaS approach to bring innovation to this space, and we look forward to supporting Brian and the Masabi team as they scale.”