The capital will accelerate Masabi’s global expansion of its award-winning mobility platform, Justride, and fast-track the company’s role in bringing digital transformation to transit agencies and operators of all sizes, enabling the foundations for integrated multi-modal journeys.
On target to exceed $1bn in annual transit ticketing sales over the coming year, Masabi will continue building on its recent additions to Justride, which removes the need for passengers to buy a ticket. Instead, they simply tap a contactless bank card, mobile phone or smartcard to travel.
These innovations, together with world-first integrations with transport leaders including Uber, Transit, Jorudan and Keolis, are making it easier for people to discover and access public transit services in an efficient and scalable way, helping place public transit at the center of the global Mobility-as-a-Service (MaaS) movement.
“With over 85 million journeys enabled by the Justride platform in 2018 and partnerships with some of the biggest names in mobility, Masabi is already a category leader and the opportunities for global growth are significant,” said Jonathan Lerner, MD at Smedvig.
“The combination of Masabi’s track record of customers, innovation and technology made this investment decision one we feel extremely enthusiastic about and we are excited about working closely with them to accelerate their global expansion.”
“We’re proud to see Masabi having scaled from London to the world, changing the way people move around cities every day. $1bn in annual ticket sales is only a milestone – the next phase is about partnering with and powering those that the public trust to get them where they are going, from transit agencies to ride-sharing and planning apps. As one of Masabi’s earliest investors, it has been great to have Smedvig Capital buy into Masabi’s vision.” Simon Menashy, Partner, MMC Ventures.
Brian Zanghi, CEO of Masabi said: “for too long, cutting-edge innovation in transit ticketing was only available to mega cities with multi $100m budgets. But a quick and easy ticketing experience shouldn’t be the sole preserve of these cities. It should be available to passengers using any public transport service anywhere around the globe.”
Masabi’s Justride platform is currently in operation with more than 50 transport agencies in ten countries.