Alliance Ventures, which serves as the strategic venture capital arm of Renault-Nissan-Mitsubishi announced that it invested in the latest round of funding for Transit, a multimodal transportation application company in Montreal.
The mobile app provides users with real-time transportation data and is a one-stop shop for over 175 metropolitan cities around the world. The Series B investment made by Alliance Ventures raises over $17 million and accelerates the startup company’s mission of helping people reach destinations without using a car, a Transit spokesman told Automotive News.
Transit CEO Sam Vermette said in a statement: “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.”
Alliance Ventures is, however, tight-lipped about the investment amount, but stated that it falls in line with its “September 2017 ‘Alliance 2022’ strategic plan to become a leader in robo-vehicle ride-hailing mobility services and a provider of vehicles for public transit use and car-sharing.”
Reports suggest that other than Alliance Ventures, three other companies including InMotion Ventures, Accel and Real Ventures have contributed to the funding.