On-demand shuttle and software company Via has raised an additional $ 130 million, capital that has pushed its valuation to around $ 3.3 billion as demand from cities to update its transit systems increases.
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. To date, the company has raised $ 800 million.
Via, which today employs around 950 people, has two facets. The company operates shuttles for consumers in Washington, DC and New York. Its underlying software platform, which it sells to cities, transportation authorities, school districts and universities to deploy their own shuttles, is not just the core of its business; it has become the main engine of growth.
Co-founder and CEO Daniel Ramot previously told TechCrunch that cities had little interest in the software-as-a-service platform when the company first launched in 2012. Via landed its first partnership with Austin in late 2017, after providing the platform to the transit authority for free. It was enough to allow Via to develop case studies and convince other cities to join the service. In 2019, the partnerships side of the business “took off,” Ramot said in an interview last year.
Today, the software aspect – branded internally as TransitTech – has eclipsed its consumer operations. Via said TransitTech’s revenue more than doubled year over year to exceed an annual execution rate of $ 100 million. The software platform is used by more than 500 partners, including Los Angeles Metro. Jersey City and Miami in the US as well as Arriva Bus UK, a Deutsche Bahn company that uses it for a first and last mile service connecting commuters to a high speed train station in Kent, UK -United
Via does not provide details of the intended use of funds. The company has made two acquisitions in the past 18 months, including Fleetonomy in 2020.
Earlier this year, Via used $ 100 million in cash and equity to acquire Remix, a startup that developed mapping software used by cities for transportation planning and street design. Remix has become a subsidiary of Via, an agreement that will allow the startup to maintain its independent brand.
The acquisition has already produced a product that combines Remix’s collaborative transit mapping and planning tools with Via’s on-demand transportation data. Earlier this month, Via launched a software tool to help cities understand and plan how on-demand journeys and fixed-route public transport, like buses, can work in tangent.