Via's TransitTech revenue has more than doubled in the last year as demand for its software grows globally
NEW YORK, Nov. 30, 2021 /PRNewswire/ -- Via, the global leader in TransitTech, today announced $130 million in new funding at a post-money valuation of $3.3 billion. The round was led by Janus Henderson with participation from funds and accounts managed by BlackRock, ION Crossover Partners, Koch Disruptive Technologies, and existing investor Exor. Demand for software that can transform legacy transportation systems into advanced digital networks has been increasing rapidly worldwide. As a result, Via has been experiencing strong growth, with TransitTech revenue more than doubling year-on-year to exceed an annual run rate of $100m, cementing Via's leadership role in the TransitTech category.
"This is the most exciting time in transportation in decades," said Daniel Ramot and Oren Shoval, co-founders of Via. "Cities around the world are recognizing the critical role that technology can play in improving the efficiency and quality of their transit networks. Our software provides an end-to-end solution that helps cities and public agencies plan, operate, and optimize every facet of their transportation system."
The global TransitTech category is expected to grow to an estimated $1.35 trillion by 2025, according to a recent BCG study, highlighting the critical role that transit plays in economic development, equity, and sustainability.
"When we look at the public transit market today, we see tremendous opportunity," said Denny Fish, portfolio manager at Janus. "We've seen time and time again how traditional industries are transformed by the introduction of technology: FinTech, HealthTech, EdTech, and others have driven extraordinary improvements in performance and efficiency. TransitTech is next, and having created this category, Via is uniquely positioned to lead it. The company's mission to expand access to efficient, affordable, and sustainable transportation is inspiring."
In the United States, the recently passed Bipartisan Infrastructure Deal will see an unprecedented $91b annually in new and reauthorized funding guaranteed for public transit over the next five years. It follows the nearly $70 billion in federal COVID-19 relief funding already provided to support near-term transit needs. Many of the funds made available through these programs are provided for innovative mobility solutions that improve the efficiency of transportation networks, expand access for underserved communities, and tackle reducing carbon emissions and congestion.
"Via's platform has been transformative for our community," said Caroline Rodriguez, Executive Director, High Valley Transit in Utah. "Unifying our fixed-route, on-demand, and paratransit operations allows us to deliver a vastly improved experience for our riders while at the same time achieving significant efficiency gains. The flexibility enabled by this technology allows us to extend access to jobs, education, healthcare, and other essential services for our community, and reduce reliance on single occupancy vehicles."
Via plans to use the funding to accelerate expansion into new markets, continue to hire exceptional talent, and grow its investment in product innovation.
Founded in 2012, Via pioneered the TransitTech category by using new technologies to develop public mobility systems — optimizing networks of buses, shuttles, wheelchair accessible vehicles, school buses, autonomous vehicles, and electric vehicles around the globe. Building the world's most efficient, equitable, and sustainable transportation network for all riders — including those with limited mobility, those without smartphones, and unbanked populations — Via works with its partners to lower the costs of public transit while providing transportation options that rival the convenience of a personal car while reducing the environmental impact. At the intersection of transportation and technology, Via is a visionary market leader that combines software innovation with sophisticated service design and operational expertise to fundamentally improve the way the world moves, with 500 partnerships in more than 35 countries and counting.