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Strong demand for Via's software drives rapid growth
NEW YORK, Feb. 13, 2023 /PRNewswire/ -- Via, the global leader in TransitTech, today announces it has closed a 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. The round values Via at $3.5B, at the same price per share as the company's previous financing in November of 2021. Via intends to use the funding to expand its product suite and further its vision of providing the end-to-end digital infrastructure for public mobility.
The funding comes on the heels of a year of strong performance for Via, as cities and transit agencies across the globe increasingly turned to digital solutions to improve the efficiency of their transportation systems. The company ended 2022 ahead of plan, with annualized revenue run-rate surpassing $200M, more than doubling since the previous financing round.
Via's TransitTech products are used by more than 600 communities around the globe to expand access to efficient, equitable, and sustainable public transportation. The company's technology enables customers to plan transit networks that are responsive and resilient to rapidly changing needs, to operate smart multi-modal transportation systems, and to use data to optimize performance — all in one software platform.
"We have known Daniel, Oren, and the Via team for many years now. Their ability to maintain rapid growth year over year, and to continue to innovate and deliver for their customers is unique," said Arnon Dinur, Partner at 83North. "We believe in the company and the category, and are delighted to support Via in the future opportunities this funding will bring."
"Via is a rare combination of a company that has a profound impact on the communities it serves while also generating attractive unit economics at scale," said John Elkann, CEO of Exor N.V. "Daniel and his team are building a great company and as a major shareholder we are committed to supporting the company in this next stage of growth."
"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," said Via co-founder and CEO Daniel Ramot. "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"
In support of its vision to be the operating system for every aspect of public mobility, Via plans to use the funding to accelerate expansion into new markets and verticals, and to continue to invest in product innovation.
About Via:
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, providing technology in 600 communities and more than 35 countries and counting.
