Masabi, which develops and deploys mobile ticketing technology for the transport sector, has raised a further $2.8 million in a new round of funding from Detroit-based Fontinalis Partners, along with London-based MMC Ventures and existing investor m8 Capital.
The new capital will be used by the UK company to “accelerate” transit agency deployments in the U.S. — in late 2012 it deployed its “JustRide” system for Boston’s MBTA — as well as opening a New York office. Related to its U.S. expansion, Masabi has hired transit industry “innovator” Josh Robin as VP of Strategy and Business Development for North American operations.
Described as a leader in transit mobile ticketing and what it calls “agile fare collection”, Masabi’s mobile tech is all about making it easier to book transport tickets (trains, metro etc.) by utilising mobile phones instead of traditional paper tickets or smartcards. Its flagship product, JustRide, which it sells to transit agencies, is a cloud-based, end-to-end mobile ticketing and fare collection system that includes mobile apps for ticket purchase, use, and ticket agent validation. In the future, it plans to support NFC, too.
For the consumer, once deployed, it enables them to book and display tickets on their mobile without having to stand in line, while for transit agencies, Masabi is talking up the speed of deployment and low cost for the system compared to traditional offerings — the usual cloud promise — thus its use of the word “agile”.
Along with the Boston roll out, Masabi’s tech is in use by more than 13 UK transit agencies and retail brands, including: Virgin Trains, First Group, CrossCountry Trains and thetrainline.com.
Today’s new round brings the company’s total funding to $8.8 million, with m8 Capital having previously participated in Masabi’s A and B round, totalling $6m.