Masabi secures $4 million from m8 Capital

Mobile technology investor m8 Capital has led a $4 million (£2.5 million) Series B funding round for Masabi, the developer of mobile phone ticketing technology.

The funding will be used to support deployment of the company’s technology with several rail companies in the UK, and for the development of new service features. It will also enable expansion into new markets, particularly the US.

Masabi’s technology enables passengers to buy and display tickets on almost any mobile phone, not just smartphones.

The company currently works in partnership with major transport systems integrators, including and Atos, and is deployed with operators including Virgin Trains and Cross Country Trains. Further UK rail brands are set to adopt the technology in coming months, the company says in a statement.

Ben Whitaker, chief executive of Masabi, comments, ‘We have received overwhelmingly positive feedback from consumers using our mTicketing solutions, proving that mobile phones can revolutionise the way we travel.

He adds, ‘This funding and m8 Capital’s experience will be instrumental in bringing our applications to new markets, making transport mTicketing a truly global phenomenon.’

Masabi, which is based in London and has 30 employees, secured $2 million (£1.3 million) after closing a Series A funding round in September last year.

Todd Cardy

Todd Cardy

Todd was Editor of between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

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