TransitScreen, a real-time transportation information software company, announced it closed $3 million in funding from Vancouver-based TIMIA Capital — which doubles the company’s capital raised to-date and brings the total to $6.1 million.
With this round of funding, TransitScreen is planning to enhance the capabilities of its mobile app CityMotion and continue hiring and increase its office space in Washington, D.C. Plus it will expand its foothold in the growing corporate workplace vertical.
Founded in 2014 by Matt Caywood and Ryan Croft, TransitScreen is known for displaying real-time information about all nearby mobility options at public venues, commercial buildings, apartments, and corporate offices. This includes traditional public transportation like subways and buses along with newer private options such as scooters, bike-sharing, and ride-hailing services like Uber and Lyft.
“We looked at a variety of venture capital- and revenue-based financing firms, but we wanted to choose someone who was the right fit for our high-growth, revenue-generating business,” said Caywood. “TIMIA is an innovative investor and the right partner for our growth plans.”
TransitScreen also allows commuters to compare train times to bus arrivals on their way to work, know when their employee shuttles arrive so that they are not caught waiting in the cold. Or they can catch an Uber or a Lyft instead of bike-sharing if it is raining. This empowers people in cities everywhere to select the most efficient transportation mode in real-time.
“TransitScreen has built a capital efficient business with great customer and revenue growth,” added TIMIA CIO Gregory Smith. “They see the value of retaining ownership of their destiny and we’re happy to provide flexible and non-dilutive capital that meets their needs.”
Recently, TransitScreen launched a mobile app called CityMotion. This app puts the power directly into users’ hands in tandem with lobby displays and changes the way that people in urban areas move and how they live. Plus CityMotion is the first B2B mobility app for commuters, including information about private employer-provided shuttles. And it offers more mobility data than any other app on the market today.