Months after announcing its operations across 1,000 cities worldwide, Optibus, a comprehensive software platform for public transportation planning and operations, announced that it closed USD$100 million in Series D funding, with new and existing investors.
These types of resources usually originate from venture capital firms and the amount raised and valuations vary widely, especially since very few startups reach this stage.
Companies that reach this level have discovered a new expansion opportunity before opting for an IPO, but they just need another push to get to the point where they can afford that option.
The latest round of funding brings Optibus a total of USD$260 million and its valuation reaches USD$1.3 billion, making the company the first unicorn dedicated to the public transportation sector.
The organization closed the investment round at the same time as launching Ridership Insights, a tool that enables the analysis of ridership data directly on the map during the network planning phase, providing deeper insight into how the city moves.
This critical data improves network performance information, resulting in better routes that meet ridership needs.
Resource Allocation
According to a statement, Optibus will use the funds to advance its vision of a holistic software platform for all public transportation planning and operations needs, will also earmark the investment to expand its new product and service offerings, including real-time operations and electric bus management, and strengthen its global presence in existing and new markets.
Optibus CEO and Co-Founder Amos Haggiag expressed his delight at being the first unicorn dedicated to public transportation, “which is at the heart of a healthy and equitable society.”
“By putting this powerful technology in the hands of industry professionals, Optibus helps increase transportation equity and ridership, while reducing emissions and costs. Our investors and employees see the dual promise of Optibus to generate both social good and return on investment, and we are excited to lead the digital transformation of the sector,” he added.
Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango, Tencent, SOMV Momentum and BlueRed Partners are among the investors that have made it possible for Optibus to reach this elite stage in public transportation.
