New York-based transit company Via locked up a $110 million round at a $3.5 billion valuation to help cities and agencies better traverse the changing world of transportation.
The new round was led by 83North, with participation from new and existing investors including EXOR, Pitango Venture Capital, Planven Ventures, Janus Henderson, CF Private Equity, RiverPark Ventures and ION Crossover Partners.
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The cash infusion comes after a strong year for Via. The company ended 2022 with annualized revenue run-rate of over $200 million, more than doubling since the previous financing round — a $130 million Series G in November 2021.
Via plans to use the money to further expand its line of products that help cities and transit agencies improve the efficiency of their transportation systems. The company’s software gives insights backed by data so transit systems can be optimized even as riders continue to change the way they travel.
The company’s TransitTech products are used by more than 600 communities around the globe.
“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 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.”
Raising in a difficult time
Ramot told Bloomberg the fundraising environment is “very tough” right now, despite the sizable raise Via was able to secure.
Undoubtedly Via’s growing ARR, as well as a growing need to improve transit, helped the startup complete the new funding — which is the largest for any transportation startup this year, according to Crunchbase data.
Founded in 2012, Via has now raised around $900 million, per Crunchbase.
Illustration: Dom Guzman
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