Masabi has also opened a new office in New York and hired transit industry innovator Josh Robin as vice president of strategy and business development for its North American operations.
The company’s main product is JustRide, a cloud based mobile ticketing and fare collection system with mobile apps for ticket purchase and use. Masabi currently processes more than $50m in ticket sales per year across and says that it continues to see strong growth.
Rory Stirling, MMC Ventures investment director, said, “Mobile is transforming the transit industry, saving agencies time and money while at the same time improving the everyday life of millions of passengers.
“Masabi is the leader both in developing this mobile ticketing technology and bringing it to market, and we are proud to be supporting them in this period of rapid expansion.”
MMC, which currently has around £90m under management, invests £10m per annum in platform and add-on acquisitions.
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