Via Raises $100 Million to Support Rapid Growth

NEW YORK–(BUSINESS WIRE)–#Via–Via (www.ridewithvia.com),
the on-demand transit company, announced today it is raising $100
million in Series C funding, having closed $70 million, with $30 million
in strategic investment to close in the coming weeks. The funding was
led by Pitango Growth, who were joined by leading venture capital firms,
family offices, and strategic investors from North America, Europe, and
Asia, including Poalim Capital Markets and C4 Ventures. Previous
investors Ervington Investments (representing Roman Abramovich), Hearst
Ventures, and 83North (formerly Greylock IL) also participated. The
funds bring Via’s total investment to $137 million.

“Via is creating the public transit system of the future,” said Daniel
Ramot and Oren Shoval, co-founders of Via. “With existing transportation
infrastructure straining and in some cases failing to meet rising demand
across the globe, Via’s dynamic bus system offers cities a smart
solution to traffic congestion and emissions. We’re delighted to have
secured significant backing for our vision: eliminating single-occupancy
vehicle trips by creating a mass transit system powered by advanced
algorithms and data.”

Operating in New York City and Chicago, Via enables tens of thousands of
passengers each day to seamlessly share their ride with others headed
the same way. Via’s algorithms dynamically match passengers with
available seats instead of entire vehicles, creating a highly
affordable, convenient, and premium bus service, while keeping trip
durations similar to a private taxi. The algorithm’s smart routing
allows passengers to be picked up and dropped off in an endless stream,
without taking riders out of their way to accommodate other passengers.
This enables the platform to move a high volume of riders while using a
fraction of the number of vehicles utilized by other on-demand car
services.

“Via’s impressive technology and top-notch team have proven their
ability to solve the complex computational and operational challenges of
constructing an intelligent transportation system for the 21st century,”
said Isaac Hillel, managing general partner of Pitango Growth. “As the
only platform built from the ground up to provide a true public transit
solution, we see unique opportunities for Via to capture significant
market share in the rapidly evolving transportation market. We’re
thrilled to support the company’s exceptional growth trajectory.”

The financing will be used to drive growth in NYC and Chicago, to expand
into new cities, and to aid municipalities and transit authorities
seeking to improve their public transit services by using Via’s
technology. In addition, the funds will support strategic partnerships
to operate Via’s platform in novel environments, such as the
collaboration with Mercedes-Benz Research and Development North America
currently underway in suburban South Orange County, California.

About Via

Via is re-engineering public transit—from a regulated system of rigid
routes and schedules to a fully dynamic, on-demand network. The Via
algorithm matches, in real time, multiple passengers headed the same way
with a single large SUV or van. Passengers request rides through a
mobile app, and Via’s systems instantly select and, if necessary,
re-route the vehicle that best matches the passenger’s route. Targeting
the gap between outdated public transit and expensive luxury car
services, the Via platform currently operates in New York City and
Chicago, has provided more than four million rides, and is growing
rapidly. Founded in 2012 by Daniel Ramot and Oren Shoval, who previously
led engineering projects for the Israeli Air Force and have PhDs in
neuroscience and systems biology from Stanford University and the
Weizmann Institute of Science, respectively, the idea for Via came from
Israel, where many people rely on shared vehicles called sheruts to
travel quickly, cheaply and easily along major streets. Via is
headquartered in New York, with offices in Tel Aviv and Chicago. For
more information, visit www.ridewithvia.com.

About Pitango

Pitango (www.pitango.com),
the leading venture capital firm in Israel, has been investing in
technology entrepreneurs since 1993. With offices in Israel and Silicon
Valley, California, Pitango currently manages over $2 billion in
committed capital across several funds. Pitango Growth is a fund
dedicated to investing in growth companies in their expansion and
scale-up phases. To date, Pitango has invested in more than 210
companies, among them companies that have gone public, such as Varonis
(NASDAQ: VRNS), and Borderfree (NASDA Q: BRDR), and companies that were
acquired, such as Check (acquired by Intuit), dbMotion (acquired by
AllScripts), Anobit (Acquired by Apple), Optonol (acquired by Alcon),
and Ventor (acquired by Medtronic). Pitango invests in seed, early
stage, and growth companies in the IT, Life Sciences, and Cleantech
industries.

About 83North

83North, formerly Greylock IL, is a global venture capital firm with
more than $550 million under management. The fund invests in exceptional
European and Israeli entrepreneurs, across all stages of consumer and
enterprise companies. With offices in London and Tel-Aviv, 83North is
the sum of the latitudes of these two main hubs of operation. 83North
started as Greylock IL, and remains deeply rooted in the main US tech
hubs, with over half of its portfolio companies having operations in the
US.

About Hearst Ventures

Since its initial investment in Netscape in 1995, Hearst Ventures has
grown to become one of the most active and successful corporate venture
funds, with more than $1 billion in strategic investments in companies
operating at the intersection of media and technology.

Contacts

Via
Gabrielle McCaig, 516-244-2088
gabrielle@ridewithvia.com