- Shared ride-hailing services company Via Transportation announced it raised $200 million in Series E funding at a $2.25 billion valuation
Shared ride-hailing services company Via Transportation announced it has raised $200 million in Series E funding at a $2.25 billion valuation. This funding round was led by Italian holding company Exor NV. Exor NV is also known for owning stakes in Fiat Chrysler Automobiles NV and Ferrari NV.
Noam Ohana – who leads EXOR Seeds (the early stage investment arm of EXOR) – will join the Board of Via and become a Director of Via in connection with the funding.
New investors Shell, Macquarie Capital, and Mori Building also joined the round along with existing investors Pitango, 83North, Hearst Ventures, Ervington Investments, Planven Ventures, Broadscale Group, and RiverPark Ventures.
Via currently operates services similar to Uber and Lyft. But when the company launched in 2012, it was focused on building technology for public transit organizations to optimize routes. However, local governments were not interested so the company pivoted to a commercial shuttle service in New York using vans as shuttle buses.
But now there are 120 transit agencies using Via. And 80% of those transit agencies are using Via’s software rather than its vehicles. This year, Via is expecting its software licensing revenue to pass the revenue of its shuttle buses.
Via dropped in demand due to the coronavirus outbreak and the company suspended its shared ride platform. Now the company is using its vehicles as single passenger vans. These private rides are more expensive for customers than the shared rides.
And Via is also offering services for special transportation needs in certain regions. For example, Via stopped its ride-sharing service in Berlin earlier this month and replaced it with a free service for medical and nursing staff in the evenings. And in Malta, the Via service is being used for food delivery.
Key Quotes:
“At this uniquely challenging moment, it is more important than ever to work creatively for a more sustainable future beyond these difficult days. Partnering with Daniel and Oren and their outstanding team to support the development of their powerful problem-solving technology confirms our strong and positive engagement with them. Our investment in Via underlines EXOR’s continuing commitment to building great companies for a better tomorrow.”
-John Elkann, Chairman and Chief Executive Officer of EXOR
“We are honored to partner with John, Noam, and the Exor team to help cities provide accessible, affordable, and environmentally-friendly transit to their residents. Especially in these difficult times, we greatly value EXOR’s commitment to Via’s vision of a dynamic, data-driven public mobility system that provides more cost-effective and equitable transport to communities everywhere. During this emergency period, we are proud to apply our technology and operational expertise to assist cities with optimizing transit networks, transporting essential workers, and delivering goods and services to individuals in need.”
-Via Co-founders Oren Shoval and Daniel Ramot
