via Raises $130M to Expand On-Demand Shuttle Software

Via Secures $130 Million, Reaching $3.3 Billion Valuation

Via, a company specializing in on-demand shuttle services and related software, has successfully raised $130 million in a new funding round.

This capital injection has elevated the company’s valuation to approximately $3.3 billion, reflecting increasing demand from municipalities seeking to modernize their existing public transportation infrastructure.

Investment Details

Janus Henderson spearheaded the investment round, with significant participation from BlackRock funds, ION Crossover Partners, Koch Disruptive Technologies, and existing investor Exor.

To date, Via has accumulated a total of $800 million in funding.

Dual Business Model

Currently employing around 950 individuals, Via operates through a dual business model.

The company directly provides shuttle services to consumers in cities like Washington, D.C. and New York.

However, its core business and primary growth driver is its software platform, which is sold to cities, transit authorities, educational institutions, and school districts to facilitate the deployment of their own shuttle services.

Evolution of the Business

Via’s co-founder and CEO, Daniel Ramot, has noted that initial interest in the software-as-a-service platform was limited when the company was founded in 2012.

The first city partnership was established with Austin in late 2017, following a period of free platform access for the city’s transit authority.

This pilot program allowed Via to gather valuable case studies and demonstrate the benefits of its service to other potential clients.

Ramot indicated that the partnerships side of the business experienced substantial growth starting in 2019.

TransitTech Growth

The software division, internally known as TransitTech, has now surpassed the consumer-facing operations in terms of revenue.

Via reports that TransitTech revenue has more than doubled year-over-year, exceeding an annual run rate of $100 million.

The platform currently serves over 500 partners, including prominent organizations like Los Angeles Metro, Jersey City, and Miami in the United States, as well as Arriva Bus UK, a subsidiary of Deutsche Bahn.

Arriva Bus UK utilizes the platform to provide first and last-mile connectivity to a high-speed rail station in Kent, U.K.

Strategic Acquisitions

Via has made two acquisitions within the past 18 months, including Fleetonomy in 2020.

Earlier this year, the company acquired Remix, a startup specializing in mapping software for urban transportation planning and street design, in a deal valued at $100 million in cash and equity.

Remix now operates as a subsidiary of Via, maintaining its distinct brand identity.

Integrated Product Offering

The integration of Remix’s capabilities has already resulted in a new product that combines collaborative mapping and transit planning tools with Via’s on-demand transit data.

This month, Via launched a software tool designed to assist cities in understanding and planning the integration of on-demand rides with traditional fixed-route transit systems, such as buses.