Moovit secured $28m in Sequoia-led round


car-headlightsq_lrgVenture capital firm Sequoia Capital has led a $28m round for Moovit to help the transit mobile service expand into new markets.

Existing investors BRM Group and Gemini Israel Ventures also participated in the round, which brought the company’s fundraising total to $31.5m.

Moovit’s app helps transit riders plan trips and get to their destination as quickly as possible. The company currently operates in more than 100 cities, serving three million mobile users.

Sequoia partner Gili Raanan said, “Moovit has built an incredibly useful product for the huge, fragmented and underserved market of public transit riders.

“Rapid urbanization will lead to more than 6 billion people living in cities by 2050, and Moovit is working with transit authorities to make daily travel more enjoyable around the world.”

Last month Sequoia hired Blair Shane as the firm’s chief marketing officer to replace Mark Dempster, who departed to set up his own independent advisory firm.

Other companies backed by the firm include Indian restaurant listing website Zomato, which raised a $37m round last month.

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