WASHINGTON, May 2, 2019 /PRNewswire/ -- TransitScreen, provider of real-time transportation information software, today announced the close of $3 million in funding from Vancouver-based TIMIA Capital, doubling the company's capital raised to-date and bringing the total to $6.1 million. With this funding, TransitScreen plans to enhance the capabilities of its mobile app CityMotion, continue hiring and increase its office space in Washington, D.C., and expand its foothold in the growing corporate workplace vertical.
TransitScreen, founded in 2014 by Matt Caywood and Ryan Croft, is known for its displays of real-time information about all nearby mobility options in public venues, commercial buildings, apartments, and corporate offices. This includes traditional public transportation like subways and buses, as well as newer private options like scooters, bikeshare, and ridehailing services such as Uber, Lyft, and Via.
TransitScreen allows commuters to compare train times to bus arrivals on their way to work in the morning, know when their employee shuttle arrives so they aren't caught waiting in the cold, or catch an Uber or Lyft instead of bikeshare if it's raining. It empowers people in cities everywhere to select the most efficient mode of transportation in real time.
The company's recently launched mobile app, CityMotion, puts this power directly into users' hands in tandem with lobby displays, changing the way people in urban areas move, and subsequently, how they live. CityMotion is the first B2B mobility app for commuters, including information about private employer-provided shuttles, and has more mobility data than any other app on the market today.
"TransitScreen has built a capital efficient business with great customer and revenue growth," said Greg Smith, CIO of TIMIA. "They see the value of retaining ownership of their destiny and we're happy to provide flexible and non-dilutive capital that meets their needs."
"We looked at a variety of venture capital- and revenue-based financing firms, but we wanted to choose someone who was the right fit for our high-growth, revenue-generating business," said Matt Caywood, CEO of TransitScreen. "TIMIA is an innovative investor and the right partner for our growth plans."
TransitScreen is a Washington, DC-based software company known for its real-time displays of nearby mobility options, from public transit to bikeshare, carshare, and ridehailing services. The company works with leaders in commercial real estate and corporate workplace, such as JLL, Greystar, Cushman Wakefield, LinkedIn, Reebok, and more. In November, TransitScreen launched CityMotion, the first mobility app for business commuters. For further information, please visit us at www.transitscreen.com.
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA's singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com.