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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/03\/16\/via-acquires-trip-planning-app-citymapper-to-boost-transit-tech\/<\/a><\/br> Last month, when transportation startup Via<\/a> raised $110 million at a $3.5 billion<\/a> valuation, CEO Daniel Ramot said it planned to make acquisitions to grow its transportation technology stack. Now, a piece of that strategy is falling into place: today the company is announcing its acquisition of Citymapper<\/a>, the London startup that produces a popular urban mapping app. Originally making a name for itself as an alternative to apps like Google Maps<\/a> for consumers planning journeys in metropolitan areas using public transportation, Citymapper has around 50 million users globally.<\/p>\n Financial terms are not being disclosed. Via has confirmed it\u2019s a mixture of cash and stock, while sources close to the deal tell TechCrunch that Citymapper investors are mostly not<\/em> making their money back in the transaction and that it\u2019s effectively a washout. (One publication has reported $100 million; we were told that it was \u201cwell below\u201d this amount.)<\/p>\n It has been rumored for years that Citymapper was trying to find a buyer, with names like Google and Apple \u2014 which once name-checked the app as a must-have<\/a> to use on its own hardware \u2014 once floated as possible acquirers. Things then went very quiet, until last month, when reports suddenly began to surface<\/a> of the acquisition being announced today by Via.<\/p>\n Backers of the startup included Balderton, Index Ventures, Benchmark, DST and a number of high-profile individuals, who collectively put around $52 million into the startup, alongside a more recent U.K. crowdfunding raise of around $8 million (\u00a36 million in local currency).<\/p>\n Citymapper currently covers 108 cities, mostly in the U.K. and Europe, but also in North America, Asia and elsewhere. The plan is to integrate Citymapper\u2019s product (and data) into the Via platform, but also to keep it going as a standalone service for now, too. Citymapper employees, minus CEO\/founder Azmat Yusuf, will be joining Via. Yusuf will be a transition advisor.<\/p>\n The sale of Citymapper underscores the challenges in the current market for startups that are running out of money, but also the challenges for Citymapper in particular, as well as those endemic to the transportation sector overall.<\/p>\n Citymapper made big waves when it first launched its urban movement planning app, which today includes not just public transit routes but also walking, cycling, scooters and taxis to help users get from A to B. That may sound like table stakes for a mapping app now, but it was fairly revolutionary when Citymapper first built and introduced this to the world in 2011. (Google, Apple, the likes of Uber and others were far behind where they are today as mapping apps.)<\/p>\n That led to the startup picking up a loyal following and catching the attention of some big-name investors. Its valuation in its $40 million Series B<\/a> round back in 2016 (a millennium in tech!) was over $365 million, an even bigger-sounding sum back in those days.<\/p>\n But arguably Citymapper never really managed to capitalize on that momentum and early promise.<\/p>\n Founder Azmat Yusuf (pictured below, when we had him at Disrupt in London) had a strong focus on keeping a consistent, \u201cexcellent\u201d user experience, as he told us at the time of the Series B. That was something he strictly vowed to adhere to over the concept of growth at any cost.<\/p>\n \u201cThe thing we like to do is really focus on quality and so we look at a city and say \u2018can we do an excellent job?\u2019\u201d he said at the time. \u201cIf we manage to figure out how to do a great job then we\u2019ll expand faster. And if we struggle with expanding we\u2019ll slow down and make sure we do it well. So the number of cities is not the target. The target is basically how do we do a great job?\u201d<\/p>\n
\nVia confirms it\u2019s acquired trip planning app Citymapper to boost its transit tech<\/br>
\n2023-03-16 22:09:51<\/br><\/p>\n