Masabi raises £15.3m in Series E funding led by Smedvig Capital and MMC Ventures to scale its transit ticketing platform.
Smedvig Capital and MMC Ventures led the Series E round to expand the company's ticketing software and mobility partnerships.
Masabi provides fare payment systems for public transport authorities via a cloud-based platform. The company operates in multiple countries, serving numerous agencies worldwide.
Masabi has secured £15.3m in Series E funding to accelerate the international expansion of its transit ticketing platform. Smedvig Capital led the investment, with participation from MMC Ventures and existing backers including Mastercard. The capital will be used to scale the company's Justride software and deepen strategic integrations with global mobility providers.
The company has experienced significant adoption of its fare collection technology, which allows passengers to travel using contactless cards, smartphones, or smartcards without purchasing traditional tickets. Masabi expects to exceed £760m in annual transit ticket sales over the coming year, supported by partnerships with major mobility brands such as Uber, Transit, Jorudan, and Keolis.
From the founder
"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,"
Brian Zanghi
CEO at Masabi
Investor perspective
"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,"
Jonathan Lerner
MD, Smedvig Capital
Use of funds
- 01Expand into international markets
- 02Continue product development
Investors
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About the company
Masabi
Masabi supplies ticketing technology and cloud platforms for public transport agencies globally.