Public transport directions app Moovit races to $50m Series C round


train-station-546723-mLocal transport directions app maker Moovit has picked up a massive $50m Series C funding round from a string of early-stage investors.

Sequoia Capital, Nokia Growth Partners and BMW i Ventures were among backers in the round, as were Gemini Partners and Vaizra Investments.

Alfred Lin, a partner at Sequoia, said, “We’ve long been believers in Moovit’s mission to democratize local transit.

“But we’ve still been stunned by the passion of its community and how quickly it’s transforming the way the world travels across more than 500 cities.”

Nokia Growth Partners managing partner Bo Ilsoe added, “Urbanization, age demographics and traffic congestion is driving up the usage of public transportation worldwide.

“Using real-time data and building a seamless experience for the commuter, Moovit is solving a daily problem for millions of people.”

Sequoia previously led a $28m round for Moovit in 2013 to help the transit mobile service expand into new markets.

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