6 Nov 18

Renault-Nissan-Mitsubishi invests in Transit multi-modal service

Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, has announced that it has invested in the latest round of funding in Transit, a multi-modal transportation mobile app company from Montreal, Canada.

The Transit app is a multi-modal platform that integrates public transit, ride hailing, bike sharing and scooter sharing, combining real-time data from transit agencies with user crowdsourcing to provide the most accurate information. Users enable GO, a function to get real-time notifications for their ride. Transit then tracks the real-time location of the vehicle and notifies the user when to leave for their stop, when to disembark and sends adjusted ETAs.

Sam Vermette, chief executive of Transit, said: “New modes of mobility are entering the market at record speeds. It took decades for car sharing to catch on. Now, e-bikes and scooters are being rolled out in weeks. This is an exciting time, as Transit helps people navigate their new mobility options. We look forward to working closely with Renault-Nissan-Mitsubishi as Transit grows.”

François Dossa, Renault-Nissan-Mitsubishi Alliance Vice President, Ventures and Open Innovation, added: “We are pleased to make a strategic investment in Transit, the leading urban mobility navigation start-up in North America. This investment, which will advance Transit’s efforts to make mobility seamless and accessible in cities, fits with the Alliance 2022 strategy to become a leader in robo-vehicle ride-hailing mobility services and a provider of vehicles for public transit use and car sharing.”

Today, Transit already services more than 175 metropolitan areas globally. The current investment round raised over $17 million and includes three other contributors, InMotion Ventures, Accel and Real Ventures.

Authored by: Benjamin Uyttebroeck