UK-based mobile ticketing and public transport payments company Masabi has secured a $20 million financing, in a deal advised on by UK law firm Shoosmiths.
The financing was led by Smedvig Capital. Existing investor MMC Ventures also participated. Corporate and venture capital partner Steve Barnett led the Shoosmiths team on the financing for Masabi.
Masabi is the market leader in the software as a service (SaaS) ticketing field for public transport, and last year enabled more than 85 million journeys through its platform Justride. It counts Uber as a client and teamed up with them to allow Uber users to also buy train and bus tickets in the app in Denver in the US - and this investment will be used to accelerate the firm’s global expansion.
Steve Barnett, who was supported on the deal by solicitor Emma Cameron, said this represented an investment into a firm leading the way in the transport and mobility sector.
“In an increasingly cashless society, software like Justride is revolutionising the ticketing experience and benefitting users,” he added. “Clearly, Masabi’s investors have identified its massive potential and can see the real value of supporting its global expansion drive.
“We are delighted to have support Masabi on its latest investment round and wish it all the best for its ambitious future plans.”
Masabi CFO Matt Jones said: “Steve and the team have been exceptional throughout. Their understanding of the venture capital sector smoothed the path to a successful completion.”