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Masabi (company)

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Masabi
Company typeTechnology company
Founded2001
Productsmobile ticketing services for public transport companies
Websitehttp://www.masabi.com/

Masabi is a London based technology company that develops and markets mobile ticketing services for public transport companies. The company builds mobile apps for electronic ticket and fare collection, allowing users to buy tickets by app, and allowing the bus or rail conductor to check the tickets by mobile phone. The company's customers include public transit authorities in Boston, London, Athens, Rome[1], Madrid[2], Adelaide[3], New York[4], Las Vegas [5][6], Los Angeles[7], Denver[8], Ohio[9] and Japan[10].

In 2012, the company launched the first ticketless rail system in the United States, for the Massachusetts Bay Transportation Authority.[11]. In another 'first', in January 2019 Uber announced that its "transit offering" had gone live in Denver with RTD, with in-app ticketing provided by Masabi using its Justride SDK.[12]

In April 2019, the company reported that it is on track to exceed $1 billion in annual ticketing sales in the next year.[13] It is currently located in offices in Tech City, London and in New York and Boston in the USA.

Funding

The company was founded in 2001 with seed funding of $2.8 million[14]. In December 2015, the company raised $12 million in venture capital from an investor group including the public transport operator Keolis, MasterCard, Lepe Partners and existing investor MMC Ventures.[6][15]. A further $20 million was raised in April 2019, led by Smedvig Capital, with participation from MMC Ventures and other investors.[16]

References

  1. ^ Travel Daily News: "Masabi launches in Rome with tour bus operator Prestige bringing mobile ticketing to the Italian market", 29 March 2019
  2. ^ Metro Report: "Mobile ticketing is coming to Madrid", 13 November 2018
  3. ^ RailwayPro: "Adelaide Metro to trial Australia’s first mobile ticketing", 15 November 2017
  4. ^ Mass Transit: "Masabi to Launch Mobile Ticketing with New York’s MTA" 1 May 2014
  5. ^ "Mastercard-backed mobile ticketing app raises $12M". CNBC. 7 December 2015.
  6. ^ a b "Masabi raises $12m to destroy the paper ticket". Daily Telegraph. 6 December 2015.
  7. ^ "Los Angeles' Metrolink selects UK's Masabi for mobile ticketing system". Railway Technology.
  8. ^ Intelligent Transport: "Denver set to be the first to integrate public transport services in Uber app", 1 February 2019
  9. ^ Metro Magazine: "NEORide and Masabi launch fully integrated mobile ticketing app in Ohio", 27 June 2019
  10. ^ Metro Report: "Masabi to bring mobile ticketing to Japan", 17 January 2019
  11. ^ "Masabi Launches U.S.'s First Ticketless Rail System". Wall Street Journal. 23 April 2012.
  12. ^ TechCrunch: "Uber's transit offering just went live in Denver", 31 January 2019
  13. ^ Venturebeat: "Masabi raises $20 million for mobile ticketing tools", 30 April 2019
  14. ^ "Mobile Ticketing Solution Masabi Raises $2.8M To Help Transit Agencies Move To The Cloud, Opens New York Office". TechCrunch. 20 March 2013.
  15. ^ "Keolis takes share in Masabi". Railway Gazette International. 10 December 2015.
  16. ^ Venturebeat: "Masabi raises $20 million for mobile ticketing tools", 30 April 2019
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