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The meteoric rise of Waze was a huge success story for the Israeli tech scene, and the country is now aiming to repeat that success with another crowdsourced transportation company – this one focused on public transit rather than individual drivers. Moovit has raised a $50 million Series C round, bringing its total funding to $82 million.
Nokia Growth Partners, BMW i Ventures, Keolis, Bernard Arnault Group, and Vaizra Investments all participated in the round along with existing investors BRM Group, Gemini Partners and Sequoia Capital.
Like Waze, Moovit relies on its community of commuters to report on the state of a city’s bus, train, metro and trams systems in real-time. Its iOS, iPhone and Windows apps track users as they navigate the transit system and queries them on specific conditions; for example, how crowded a train car or bus stop is. The techniques it uses are very similar to accident and traffic reporting features on Waze. That not only gives Moovit commuters an idea about delays and possible alternatives to their regular routes, it lets Moovit finely tune its mapping and navigation services for people trying to get where they’re going by public transit.
When we last checked in with Moovit a year ago, it had 3 million members in its crowdsourcing community but in 13 months its grown to 15 million in 500 cities spread through 45 countries.