Washington, D.C.-based TransitScreen today announced the close of a $3 million investment.
The funding came from Vancouver-based TIMIA Capital, a financing company that specializes in investing in tech companies in exchange for payments based on monthly revenue.
This investment is the public transit tech company’s first public funding announcement to date, doubling its capital raise and bringing the total to $6.1 million, a press release states.
TransitScreen plans to use the investment to enhance its mobile app CityMotion, expand its office space in the District and increase its team with some hiring. Up until this point, TransitScreen cofounder and COO Ryan Croft told Technical.ly that the startup raised money from friends and family, angel investors and seed funds.
Croft said he hopes this investment can also help expand TransitScreen’s foothold in the growing corporate workplace vertical. He said that he is confident that he and Matt Caywood, cofounder and CEO of TransitScreen, can execute their ambitious hiring and growth plans for the company.
“We looked at a variety of venture capital- and revenue-based financing firms, but we wanted to choose someone who was the right fit for our high-growth, revenue-generating business,” Caywood said in a statement. “TIMIA is an innovative investor and the right partner for our growth plans.”
With the funding, TransitScreen is putting emphasis on its plan to scale CityMotion, which is a B2B app that integrates public and private transit data, providing a location-based, over-arching look at nearby transportation options like the next Metro train, the closest Byrd scooter, Uber, or even a company’s private shuttle.
CityMotion is the first B2B mobility app for commuters, including information about private employer-provided shuttles, and has more mobility data than any other app on the market today. — https://t.co/VnEZzOaoTg
— Actionfigure (@ActionFigureAI) May 2, 2019
The company was founded in 2014 and began by making displays showing transit data that hang in corporate buildings and apartment complexes. Since its inception, TransitScreen has continuously showed growth through hiring and new products like CityMotion. The company was featured at the #4 spot in our first Technical.ly DC realLIST in 2017.
“TransitScreen has built a capital efficient business with great customer and revenue growth,” Greg Smith, CIO of TIMIA said in a news release. “They see the value of retaining ownership of their destiny and we’re happy to provide flexible and non-dilutive capital that meets their needs.
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