Israeli transit-tech start-up Via, has announced the successful close of a $110 million 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. Following the round, the company is valued at $3.5 billion.
Founded in 2012, Via works with public and private transportation organizations in order to observe, analyze and optimize their infrastructure, resulting in lower costs and transit times.
“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.
“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.”Daniel Ramot
How has Via been applying its services to transportation networks?
In the last decade, the platform has applied its services to networks of buses, shuttles, wheelchair-accessible vehicles, school buses, autonomous vehicles and electric vehicles, serving over 600 communities in 35 countries around the globe.
"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 transit-tech market in recent years has been truly remarkable, and we are proud of the contributions we have made to create and expand the category," Ramot added.
Increased reliance on digital transportation solutions has led to significant market growth in recent years, which Via has certainly capitalized on: The company ended 2022 with an annual revenue run-rate of over $200 million, which is more than double that of the previous year.
“[The Via team's] 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.”