MMC and m8 back $2.8m round for Masabi

MMC and Fontinalis joined existing investor m8 in this new round for Masabi; m8 previously invested in the business in 2010 and 2011. Masabi will open an office in New York following the investment and focus on growing its operations in the US. The company launched the US's first system-wide deployment of mobile ticketing for Boston's MBTA in November 2012.

Company
Masabi was founded in London in 2001. The company develops a transit mobile ticketing system, allowing smartphone users to purchase and use public transport tickets on their phones.

The business delivers end-to-end cloud-based systems to agencies. Its technology is already in use by more than 13 UK transit agencies and retail brands, including Virgin Trains, First Group, CrossCountry Trains and thetrainline.com. It currently processes $50m in ticket sales per year across its systems worldwide.

The JustRide system was first deployed in the US by Boston's MBTA in late 2012.

People
Joseph Kim is general partner at m8 and chairman of Masabi. Rory Stirling is investment director at MMC. William Clay Ford Jr is a founding partner of Fontinalis.

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• MMC Ventures