Via, a ride-sharing rival of Uber, has announced that it has raised a Series E financing led by EXOR.
The financing values the company at £1.85B ($2.25B) and will enable Via to advance its vision of “efficient, accessible, and equitable public mobility”.
ViaVan’s algorithm combines in real time multiple passengers or packages headed in the same direction, with the aim to reduce urban congestion and emissions while providing what they believe to be a lower cost mobility service.
Via is available in more than 70 cities in 20 countries, and is still growing. To date, the Via platform has provided over 70 million rides around the world. Via say their growth has been achieved by working closely with more than 100 partners across municipalities, public transit agencies, transportation operators, major corporations, schools, and universities to optimise their transport systems.
The company says it is actively supporting cities during Covid-19, helping partners provide emergency transit of goods as well as essential personnel.
According to the firm, Via’s 'emergency services and transit network optimisation' are being utilised across the world in locations such as Berlin, Ohio, and Malta, to support communities impacted by COVID-19.
Leading Via’s Series E financing, EXOR will invest £163M ($200M) in the company, and Noam Ohana — Head of EXOR Seeds, the early stage investment arm of EXOR — will join Via’s Board of Directors.
New investors Shell, Macquarie Capital, and Mori Building also participated in the round, as did existing investors Pitango, 83North, Hearst Ventures, Ervington Investments, Planven Ventures, Broadscale Group, and RiverPark Ventures.
Via Co-founders Oren Shoval and Daniel Ramot said: “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.”
Commenting on the investment, John Elkann, Chairman and Chief Executive Officer of EXOR, said: “At this uniquely challenging moment it is more important than ever to work determinedly for the innovative and 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 and underlines EXOR’s continuing commitment to building great companies for a better tomorrow.”
Image credit: Via