VC firm was established to support start-ups, early-stage development and entrepreneurs
Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, has invested in the latest round of funding in Transit, a multi-modal transportation mobile app company.
The Montreal-based company’s mobile app aggregates and maps real-time transportation data servicing some 175 metropolitan areas globally.
Alliance Ventures was established earlier this year to support start-ups, early-stage development and entrepreneurs at the cutting edge of next-generation systems for the automotive industry.
“This investment, which will advance Transit’s efforts to make mobility seamless and accessible in cities, fits with the Alliance 2022 strategy to become a leader in robo-vehicle ride-hailing mobility services and a provider of vehicles for public transit use and car-sharing,” said François Dossa, global vice president, ventures and open innovation, Alliance Ventures.
“New modes of mobility are entering the market at record speeds. It took decades for car-sharing to catch on. Now, e-bikes and scooters are being rolled out in weeks”
Transit’s mobile app platform enables multi-modal transportation, integrating public transit, ride-hailing, bike-sharing, and scooter-sharing.
By combining real-time data from transit agencies with user crowdsourcing, Transit provides the most accurate information. Users enable Go, a function to get real-time notifications for their ride. Transit then tracks the real-time location of the vehicle and notifies the user when to leave for their stop, when to disembark, and sends adjusted estimated time of arrivals.
“New modes of mobility are entering the market at record speeds. It took decades for car-sharing to catch on. Now, e-bikes and scooters are being rolled out in weeks,” added Sam Vermette, chief executive of Transit.
“This is an exciting time, as Transit helps people navigate their new mobility options. We look forward to working closely with Renault-Nissan-Mitsubishi as Transit grows.”
Other investors in the Canadian company include In-Motion Ventures, Accel, Real Ventures, Accomplice and BDC.
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