Masabi, which brings SaaS ticketing and payments to public transport, has revealed a $20m growth funding round.
The investment has been led by Smedvig Capital with MMC Ventures and other existing investors.
The capital aims to accelerate Masabi’s global expansion of its mobility platform, Justride, and fast-track the company’s role in bringing digital transformation to transit agencies and operators of all sizes.
Jonathan Lerner, MD at Smedvig, said: “With over 85 million journeys enabled by the Justride platform in 2018 and partnerships with some of the biggest names in mobility, Masabi is a category leader and the opportunities for global growth are significant.
“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.”
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 tap a contactless bank card, mobile phone or smartcard to travel.
Simon Menashy, partner at MMC Ventures, added: “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.”