/// Big Money for Mobile Crowdsourced Transit App Moovit, With Sequoia Leading $28M Round

December 18, 2013  |  All Things Digital

The notion that public transportation is a large and growing global opportunity for a tech company might seem a bit of a strange one. But, as Moovit co-founder and CEO Nir Erez sees it, “The world is bending towards public transportation because there’s no choice, cities are too crowded.” More than six billion people are expected to live in cities by 2050, according to the United Nations. Moovit has just raised $28 million led by Sequoia Capital. The round massively ups the stakes for a company that has 30 employees and had previously raised a total of $3.5 million from BRM Group and Gemini Israel Ventures (who also contributed to the new funding). How it works: a Moovit user opens the free iPhone or Android app to check what’s the best means of transportation to a destination and when it’s arriving at his or her current location. When the user hops on the bus and starts moving, Moovit makes a note of the actual arrival time, and updates its estimates in real-time for users looking up later stops. Erez said Moovit now has hundreds of thousands of daily users who generate 10 to 12 million active reports per day. They have made 40 million trip requests in the past year. The app only became available outside of Israel about a year ago, and it is now especially popular in Santiago, Chile; Bogota, Colombia; and Rio Sao Paulo, Brazil. Most Moovit reports are passively contributed, the company also seems to have hit on the crowdsourcing jackpot of voluntary contributions

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Big Money for Mobile Crowdsourced Transit App Moovit, With Sequoia Leading $28M Round

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