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- Via closes financing round at a valuation of USD 3.5 billion, raising USD 110 million to expand the transportation technology portfolio (TransitTech)
Strong Demand for Via Software Drives Rapid Growth
NEW YORK, Feb. 13, 2023 /PRNewswire/ -- Via, the global leader in transportation technology (TransitTech), announces today that it has closed a round of financing led by 83North, with the participation of 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 $3.5 billion, at the same price per share as the company's previous November 2021 financing. Via intends to use the proceeds to expand its product suite and further its vision to offer the complete digital infrastructure for public mobility.
The funding comes on the heels of a strong year of performance for Via, as cities and transit agencies around the world increasingly turned to digital solutions to improve the efficiency of their transportation systems. The company ended 2022 exceeding plan, with an annualized revenue run rate of over $200 million, more than double that of the previous funding round.
Via's TransitTech products are used by more than 600 communities around the world to expand access to efficient, equitable and green public transportation. The company's technology enables customers to plan transit networks that are responsive and resilient to rapidly changing needs, operate intelligent multimodal transportation systems, and use data to optimize performance, all on a single software platform.
"We have known Daniel, Oren and the Via team for many years. Their ability to sustain rapid growth year after 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 we are pleased to support Via in the future opportunities that this financing will bring."
"Via is the rare combination of a company that has a profound impact on the communities in which it operates while generating attractive profitability on a large scale," said John Elkann, CEO of Exor N.V. "Daniel and his team are building a great company and, as the majority shareholder, we are committed to supporting the company in this next phase of growth."
"This funding is an exciting milestone for Via and a reflection of the power technology has to transform transit in communities around the world," said Daniel Ramot, Via's co-founder and CEO. "Access to transit improves health, education and economic outcomes, and all of us at Via are inspired every day by seeing the positive impact our customers have made by adding technology to their transit networks. TransitTech's market growth 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 all aspects of public mobility, Via plans to use the funds to accelerate expansion into new markets and verticals, and to continue investing 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, colectivos, wheelchair accessible vehicles, school buses, autonomous vehicles and electric vehicles. Worldwide. Building the world's most efficient, equitable, and green transportation network for all passengers, including those with limited mobility, those without smartphones, and unbanked populations. Via works with its partners to reduce the costs of public transportation, while offering transportation options that compete with the convenience of a personal car and reducing environmental impact. At the intersection of transportation and technology, Via is a visionary market leader, combining software innovation with sophisticated service design and operational expertise to fundamentally improve the way the world moves, offering its technology in 600 communities and over 35 countries and counting.
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