Masabi raises $12m

Alice Murray
08 December 2015

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Mobile transport ticketing app Masabi has raised $12m from a consortium of investors including existing VC backers as well as new corporate partners.

New corporate backers included public transport operator Keolis Group, Lepe Partners and MasterCard, while existing investor MMC Ventures also participated in the round.

The investment was designed to strengthen the partnership between Masabi and MasterCard, as both companies aim to terminate the use of cash for public transport, with MasterCard integrating its one-touch MasterPass digital wallet platform into Masabi's JustRide platform.

Keolis is working with Masabi to include its mobile ticketing system into its integrated digital offering.

Previous funding
Masabi first received backing in September 2010 when m8 Capital injected $2m into the business. In November 2011, m8 led a $4m series-B round for Masabi, and in March 2013, MMC, m8 and Fontinalis Partners invested $2.8m to support the company's US expansion.

Company
Masabi's JustRide platform is a cloud-based mobile ticketing and fare collection system. It provides apps for ticket purchases, display and inspection, as well as enabling secure payments and customer service.

The company currently works with 22 transport operators and agencies including Virgin Trains, Abellio, Thames Clippers, New Orleans RTA, Boston's MBTA, Transport for Athens and New York's MTA.

The London-based company was founded in 2001.

People
Brian Zanghi is the CEO of Masabi. Hany Fam is president of MasterCard Enterprise Partnerships. Jean-Pierre Farandou is executive chair of Keolis. Jonnie Goodwin is founder of Lepe. Simon Menashy is an investment director at MMC.