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Industry News: No Car App Raises $17.5 Million Funding from Car Manufacturers
Rebecca Appleton • 6 November 2018
Here at Eazi-Apps-Business we need no convincing when it comes to recognising how powerful and unifying apps can be. This week, we came across a piece of news which perfectly embodies that and should serve as inspiration to newcomers just starting a mobile app business!
The app
Transit is a Canadian mobile app that was created to help those without cars get from A to B in cities. When it launched, users could download it as a handy way to check departure times for buses and trains, making it easier to get to school, work, the gym or even just to the grocery store.
In the last few years, as similar apps and services have sprung up, Transit has evolved its offering – it now covers everything from public transport to bike and scooter sharing plus ride hailing.
A number of major transport authorities in the US and Canada have integrated with the app including transit companies in Silicon Valley, Montreal and Tampa, Florida. This gives users real time vehicle locations while the app tells users when they need to get to their stop and to get off the vehicle.
The inspiration
So, how has a mobile app that’s dedicated to helpings its users traverse the city and survive without a vehicle secured $17.5 billion in Series B funding from the joint venture investment arm of RenaultNissan-Mitsubishi and Jaguar Land Rover?
The clever app developers at Transit have tapped into the very real problems facing the automobile industry. And it just so happens, Transit’s core offering aligns perfectly with a direction that vehicle manufacturers are increasingly exploring.
It’s thought that the car makers were attracted to invest in the app as a means of diversifying their core business model of making cars. It also opens up new avenues of exploration for things like ride sharing, scooters and micro-transport options.
What will the funding be used for?
The $17.7 million raised by Transit will primarily be used to help the app expand its reach and create a presence in more cities around the world. It currently covers 175 cities globally but will use investment to increase that figure. Some of the funds are also said to be earmarked for app development, with features such as the addition of in-app payment systems thought to be on the cards.
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