Montreal’s Transit App Raises $17.5M from Automakers to Go Multi-Modal
Montreal’s Transit app announced this morning it has raised $17.5 million from Alliance Ventures—a venture capital arm of Renault-Nissan-Mitsubishi—along with InMotion Venture (Jaguar, Land Rover), to take the app multi-modal.
Transit says in a blog post, “So yeah. We’re taking on cars. And we’re taking car-makers’ money to do it.” The company plans to position Transit app as the “Switzerland of mobility”, allowing users to find all channels of transportation, pick the one they want and pay for what they use.
Sam Vermette, chief executive of Transit, 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. We look forward to working closely with Renault-Nissan-Mitsubishi as Transit grows.”
Transit has expanded to over 175 cities and has helped millions of its daily users complete “billions of trips.”
“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,” said François Dossa, Alliance Global Vice President, Ventures and Open innovation, in a statement.
When your young kids grow up to driving age, they probably won’t need a driver’s license. Self-driving ridesharing vehicles will be everywhere (except if you’re in B.C. of course, lol).