Masabi secures £15.25 million Series E investment led by Smedvig Capital and MMC Venture

Investment from Smedvig Capital and MMC Ventures to fuel expansion of Masabi’s ticketing and payments platform and build on strategic partnerships with Uber, Transit, Jorudan and Keolis

London and New York – April 30, 2019 – Masabi, the company bringing Software-as-a-Service (SaaS) ticketing and payments to public transport, today announced a $20 million growth funding round with investment led by Smedvig Capital with MMC Ventures and other existing investors. The capital will accelerate Masabi’s global expansion of its award-winning mobility platform, Justride, and fast-track the company’s role in bringing digital transformation to transit agencies and operators of all sizes, enabling the foundations for integrated multi-modal journeys.

On target to exceed $1bn in annual transit ticketing sales over the coming year, Masabi will continue building on its recent additions to Justride, which removes the need for passengers to buy a ticket. Instead, they simply tap a contactless bank card, mobile phone or smartcard to travel. These innovations, together with world-first integrations with transport leaders including UberTransitJorudan and Keolis, are making it easier for people to discover and access public transit services in an efficient and scalable way, helping place public transit at the center of the global Mobility-as-a-Service (MaaS) movement.

“With over 85 million journeys enabled by the Justride platform in 2018 and partnerships with some of the biggest names in mobility, Masabi is already a category leader and the opportunities for global growth are significant,” said Jonathan Lerner, MD at Smedvig. “The combination of Masabi’s track record of customers, innovation and technology made this investment decision one we feel extremely enthusiastic about and we are excited about working closely with them to accelerate their global expansion.”

“We’re proud to see Masabi having scaled from London to the world, changing the way people move around cities every day. $1bn in annual ticket sales is only a milestone – the next phase is about partnering with and powering those that the public trust to get them where they are going, from transit agencies to ride-sharing and planning apps. As one of Masabi’s earliest investors, it has been great to have Smedvig Capital buy into Masabi’s vision.” Simon Menashy, Partner, MMC Ventures.

“For too long, cutting-edge innovation in transit ticketing was only available to mega cities with multi $100m budgets. But a quick and easy ticketing experience shouldn’t be the sole preserve of these cities. It should be available to passengers using any public transport service anywhere around the globe,” said Brian Zanghi, CEO of Masabi. “Through innovations such as simply being able to tap a contactless bank card to travel and integrations into the top mobility apps, Masabi is delivering on this vision. As we enter a new phase, having the support of Smedvig Capital, MMC Ventures, Mastercard and our other investors means we can continue to drive the market forward and help ever more cities and transit operators around the world embrace the latest in ticketing and payments technology and the future of practical MaaS.”

Masabi’s Justride platform is currently in operation with more than 50 transport agencies in ten countries, from tier one cities to local bus operators, including for Boston MBTA, National Express, New York MTA, HTM The Hague, TAO Orleans, Denver RTD, LA Metrolink, Lurraldebus in Spain, My Fast Ferry in Sydney and Las Vegas RTC.

Integrated mobility delivered to transit agencies around the globe:

Masabi, which developed the first and only ticketing Justride Software Development Kit (SDK) for public transport, enables urban mobility providers such as journey planners and bike-, scooter- and ride-sharing services to integrate public transit into their applications, connecting services for a seamless passenger experience:

  • In April, Masabi and Transit launched an integrated service for riders in St. Catharines, Canada, enabling them to use Transit to access and ride on public transit services
  • Early in 2019, Masabi announced a new combined solution with Uber and Regional Transportation District (RTD) in Denver – the first US-based transit agency to benefit from an integrated public transit experience within the Uber app
  • Globally, Masabi’s Justride SDK is now live in France and Spain with SDK partners Kisio Digital and Gertek, and in Japan through a partnership with Jorudan, Japan’s leading trip planning service

About Masabi

Masabi provides Software-as-a-Service (SaaS) ticketing and payments to public transport agencies of all sizes around the globe. Through our fare collection platform, Justride, agencies can sign up to mobile ticketing services, deploy an account-based full fare collection solution using a contactless bank card, mobile device and smartcard, and enable Mobility as a Service (MaaS) through the Justride SDK.

Justride unifies account-based and pre-pay ticketing into a single configurable solution. Its SaaS architecture, ‘Mobile First‘ approach and Bring Your Own Ticket (BYOT) philosophy, allows transit providers to deliver innovation quickly, delighting passengers and reducing costs, while increasing operational efficiency and data insights.

Masabi is the category creator for transit mobile ticketing and with over 50 clients across 10 countries the Justride platform is the most widely deployed end-to-end mobile and account-based ticketing solution in operation, serving the largest agency in the USA to the smallest bus operator. It has offices in New York, London, Denver and Cluj. Masabi is backed by Alvarium Investments, m8 Capital, Mastercard, MMC Ventures, Keolis and Smedvig Capital.

About Smedvig Capital

Smedvig Capital is a London based growth capital investor. We are now investing our 14th fund, having deployed more than $800M over the last 20+ years in Series A and Series B funding rounds. We are passionate about finding and supporting the best tech enabled businesses in the UK and Nordics. We pride ourselves on developing a deep understanding of the sectors we invest in. We have a track record of re-investing multiple times to support our portfolio. We roll up our sleeves and get involved when you want our help.

About MMC Ventures

MMC Ventures is a research-led venture capital firm which has backed more than 60 high-growth technology companies from the Seed and Series A stage since 2000. MMC’s dedicated research function enables the firm to have a deeper understanding of the businesses it backs and supports them with strategic projects throughout MMC’s investment.

MMC focuses on scaling enterprise software and consumer internet companies with the potential to disrupt huge markets. The firm has one of the largest SaaS portfolios in Europe and recent SaaS exits include CloudSense, Invenias and NewVoiceMedia. MMC also has a dynamic B2C portfolio including Interactive Investor, Bloom & Wild and Gousto.

MMC’s research team publishes content on its findings via: mmcventures.comMMC Writes and at @MMC_Ventures.

Source: http://blog.masabi.com/blog/masabi-secures-20m-to-accelerate-global-growth-and-put-public-transit-ticketing-into-leading-ride-hailing-journey-planning-and-mobility-as-a-service-apps

BBOXX lands £24.08 million deal with Africa Infrastructure Investment Managers

13 January 2019 – 10 million people will gain energy access following a deal between BBOXX, a next generation utility platform, and Africa Infrastructure Investment Managers (AIIM). AIIM, though its AIIF3 fund, is investing USD 31 million for a minority stake in BBOXX’s operations in Rwanda, Kenya and the Democratic Republic of Congo (DRC).

The deal with AIIM – Africa’s largest and most experienced infrastructure-focused private equity fund manager and a member of Old Mutual Alternative Investments with USD 2.1 billion AUM – will allow BBOXX to install two million solar systems by 2022, bringing electricity to 10 million people in these African countries.

This investment will accelerate the roll-out of BBOXX’s solar systems which combine solar panels and batteries with pioneering technology, available on a pay-as-you-go basis via mobile money.

The funds will be applied across BBOXX’s distribution mix, positively impacting a range of customers including households, schools and SMEs across rural, urban and peri-urban regions. It will help in enabling economic growth in these communities by creating new markets through the entry point of electricity.

Mansoor Hamayun, CEO and co-founder of BBOXX, said: “This latest deal with AIIM shows BBOXX’s commitment to mobilising greater investment and capital in the off-grid sector, through partnering with major global companies.

“AIIM’s investment will turbo-charge our operations in Rwanda, Kenya and the Democratic Republic of Congo. This will allow us to scale rapidly and continue to drive disaggregation in what has traditionally been a vertically integrated market.

“We look forward to working together to power economic growth and transform the lives of underserved communities, by creating a platform which will bring access to affordable utility provision and value-added services.

Jurie Swart, CEO of Africa Infrastructure Investment Managers (AIIM) added: “We are delighted to be working with BBOXX to expand off-grid solar electricity to millions of people previously without access to basic utilities. BBOXX shares our vision to remove barriers to economic growth and facilitate the development of Africa’s economies.

“It is also telling that an infrastructure fund like ours is backing distributed solar through investing in a company of the calibre of BBOXX. It reflects both the ambition of BBOXX and the maturity of the off-grid sector.”

This AIIM investment is the latest in a string of deals that has seen BBOXX forge strategic partnerships across the industry, working with leading global electricity company EDF in Togo, world-leading telecommunications firm Orange in West Africa, as well as technological partners, investment institutions and local governments, to expand energy access at scale.

BBOXX has brought electricity to 750,000 people in frontier markets, with substantial operations in countries including, Rwanda, Kenya, Togo, the DRC, Nigeria and Pakistan.

About Africa Infrastructure Investment Managers (AIIM)

AIIM, a member of Old Mutual Alternative Investments, has been investing in the African infrastructure sector since 2000 with a track record extending across seven African infrastructure funds. AIIM currently manages USD2.1 billion in assets across the power, telecommunications and transport sectors with operations in 15 countries across East, West and Southern Africa. As a leading infrastructure manager across Africa, central to AIIM’s investment objectives and processes is its commitment to responsible investments. AIIM is committed to fulfilling fiduciary duties as the custodian of shareholders’ and beneficiaries’ long-term interests. In this regard, AIIM considers the incorporation of environmental, social and governance (ESG) factors into its investment and ownership processes to support the pursuit of creation of positive futures and obtaining sustainable, superior risk-adjusted returns for its clients.

BBOXX Media Enquiries:

Please contact:
Kia McLean, Instinctif Partners, bboxx@instinctif.com / +44 (0) 207 457 2845
Simran Lalli, Instinctif Partners, bboxx@instinctif.com / +44 (0) 207 457 1407

Africa Infrastructure Investment Managers (AIIM) Media Enquiries:

Please contact:
Sara Firouzyar, Gong Communications E: AIIM@gongcommunications.com T: +44 (0) 207 935 4800

Rayhana Erasmus, African Infrastructure Investment Managers (AIIM)
E: Rayhana.Erasmus@aiimafrica.com T: +27 21 670 3962 M: +27 72 091 3563