Journey-Planning App Citymapper Sold to Transit Tech Company Via
(Bloomberg) -- New York-based software technology startup Via Transportation Inc. has acquired popular navigation app Citymapper Ltd.
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Founded in 2012, British app maker Citymapper has built a devoted following for its cleverly designed interface and deep integration into real-time urban transport systems. More than 50 million users across 100 cities have used the app, Via said in a statement Thursday. Terms were not disclosed.
Citymapper has struggled to make money for years. In 2021, per the most recent accounts available in British filings, Citymapper lost £7.4 million ($8.9 million) on revenue of £5.1 million, though that’s while cities were still in and out of coronavirus lockdowns and people traveled less. The same year, it launched a crowdfunding campaign. Its previous investors included Index Ventures, Balderton Capital, Benchmark Capital, Connect Ventures and LocalGlobe, according to its website.
Via, meanwhile, bucked a tough market to raise $110 million at a $3.5 billion valuation last month, in a round led by London-based venture capital firm 83North, Bloomberg reported. The company, which develops software for cities to help commuters find and use public transit, is well-placed to tap into the billions of dollars of investment into public infrastructure promised by US President Joe Biden’s infrastructure plans.
The acquisition will let Citymapper expand to a larger audience and make its technology available to cities and transit agencies, its founder and Chief Executive Officer Azmat Yusuf said in a statement.
“We see an exciting opportunity to deliver Citymapper’s capabilities to cities and transit agencies all over the world, so that they can create the most user-friendly and relevant transit experience for their communities,” Via co-founder and CEO Daniel Ramot said.
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