Masabi, a leader in transit mobile ticketing and agile fare collection, announced today that it has secured $2.8 million in funding from Detroit-based Fontinalis Partners, London-based MMC Ventures and existing investor m8 Capital.
The funding will be used to to accelerate US transit agency deployments. The London-based company, which was founded in 2001, also announced the opening of its New York office at the same time.
Masabi’s JustRide product is a cloud-based, transit proven, rapidly deployable, end-to-end mobile ticketing and fare collection system with mobile apps for ticket purchase, use, and ticket agent validation. The solution allows transit agencies to revolutionise riding transit by allowing customers to purchase tickets without needing to wait in line. Masabi’s technology also means that transit agencies can now launch mobile ticketing for a significantly lower capital investment than traditional fare collection systems.
Masabi already processes more than $50 million in ticket sales per year across its systems worldwide and continues to see strong growth. In November 2012, the company launched the US’s first system-wide mobile ticketing deployment for Boston’s MBTA. Unlike a traditional fare collection system which would have taken years of development and cost an estimated $70 million, Masabi was able to deploy its JustRide system in just seven months and at minimal cost to the MBTA. In the four months since launch, it has processed $3 million in transactions, accounting for more than 10% of ticket sales.
Joseph Kim, General Partner at m8 Capital and Chairman of Masabi, stated: “The appetite for mobile ticketing among US transit operators and riders has taken off in the last 12 months. Masabi’s successful launch in Boston, coupled with rapid customer adoption, positions the company well as other agencies begin procuring to replicate this success. We are delighted to welcome the backing of Fontinalis and MMC as Masabi continues to revolutionize the transit industry”.
Check out the video below to see how Masabi’s apps work with a real-life case study:
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