Israeli public transport software solutions company Via today announced that it has closed a $110 million financing round led by 83North, with participation from new and existing investors including Exor N.V., Pitango, Janus Henderson, CF Private Equity, Planven Entrepreneur Ventures, Riverpark Ventures, and ION Crossover Partners. This brings the total funds raised by Via to more than $1 billion.
Via said that the funds were raised at a company valuation of $3.5 billion -the same price per share as the company’s previous financing round in November 2021. Via will use the funds to further develop its products and expand its vision of providing end-to-end digital infrastructure for public mobility.
Via said it performed strongly in 2022 with an annualized revenue run rate of over $200 million, as more and more cities and transport agencies worldwide adopted digital solutions to enhance the efficiency of their transportation systems.
Via, which was founded in 2012 by CEO Daniel Ramot and CTO Oren Shoval, had filed for a Wall Street IPO in December 2021 but the plans have been postponed due to market conditions, and the company has now preferred raising money from private investors.
Via’s products are used by more than 600 communities in 35 countries to expand access to efficient, equitable, and sustainable public transport. The company’s technology enables customers to plan transport networks that are responsive and resilient to rapidly changing needs, to operate smart multi-modal transportation systems, and to use data to optimize performance with a single software platform.
Ramot said, "This financing is an exciting milestone for Via and a reflection of the power that technology has to transform transit in communities around the world. Access to transit improves health, education, and economic outcomes, and all of us at Via are inspired every day to see the positive impact our customers have achieved by adding technology to their transit networks. The growth of the TransitTech market in recent years has been truly remarkable, and we are proud of the contributions we have made to create and expand the category."
But while Via is expanding worldwide its Israel operations have been cut recently when the government halted funding for Dan's ridesharing Bubble service In Tel Aviv and Egged in TikTak service in Jerusalem for which Via provided navigation and management systems.
Published by Globes, Israel business news - en.globes.co.il - on February 13, 2023.
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