Masabi Secures $4 million from m8 Capital to Drive Major UK Deployments and US Expansion
Company seeing strong growth in UK rail mTicketing services with more than nine rail brands live by year-end including thetrainline.com, Virgin Trains, Cross Country Trains, First TransPennine Express, First Hull Trains and Chiltern Railways
LONDON, UK - 2nd November 2011 - Masabi, the developer of mobile phone ticketing technology, today announced the completion of a $4 million Series B funding round with m8 Capital, the mobile technology venture capital fund.
The funding will be used to support deployments with multiple rail companies in the UK, and for the development of new service features, including NFC technology. It will also help facilitate expansion into new markets, particularly the US, where the company is seeing strong interest.
Since securing its Series A funding round in September 2010, Masabi has gone from strength to strength, with multiple successful launches of mTicketing services including Cross Country Trains, thetrainline.com, Virgin Trains and Chiltern Railways. The company is also working with additional UK rail brands that are set to go live in the coming months.
Masabi's applications turn mobile phones into personalised ticket machines which allow people to securely purchase and display tickets on most handsets currently in use - not just smartphones. Once people have bought a ticket, their phone can be easily scanned at the gate or by a train guard, much like an Oyster card on London's transport system. This means travellers can avoid ticket machines and queues, making their rail journeys a faster, more enjoyable experience.
"Masabi is fast becoming a world leader in m-commerce and mobile phone ticketing technology, with not only a growing UK client base but also significant international deals on the horizon," said Joseph Kim, General Partner at m8 Capital. "m8 Capital's series B investment today will help Ben and the team realise the full growth potential of the Masabi technology."
"We have received overwhelmingly positive feedback from consumers using our mTicketing solutions, proving that mobile phones can revolutionise the way we travel," commented Ben Whitaker, CEO of Masabi. "This funding and m8 Capital's experience will be instrumental in bringing our applications to new markets, making transport mTicketing a truly global phenomenon."
In addition to customer success, Masabi has recently received numerous industry awards including being named a winner at the 2011 BLN Mobile in Money Awards, the 2011 Digital Entrepreneur Awards and the 2010 Bully Awards, as well as being recognised as a Top 50 Mobile Innovator by Mobile Entertainment.
Masabi is the leading developer of mobile ticketing technology for the transport sector. Its award-winning 'Ticket Machine in Your Pocket' applications signal the end of ticket queues by allowing passengers to quickly and securely buy and display tickets on almost any mobile phone, not just smartphones. The company's technology allows transport operators to transform their passengers' travel experience while also dramatically expanding sales capacity without significantly increasing costs.
Masabi works in partnership with major transport systems integrators, including thetrainline.com and Atos, and is deployed with leading transport operators including Virgin Trains, Cross Country Trains, First TransPennine Express, First Hull Trains, Chiltern Railways and many others.
Based in London, it has 30 employees and is backed by venture capital fund, m8 Capital. For further information see www.masabi.com
About m8 Capital
m8 Capital invests exclusively in mobile technology. Mobile technology is changing everything we do. Mobile technology is enabling services, products and information to be more pervasive, more relevant, and more convenient. m8 Capital supports entrepreneurs and companies that are positioning themselves to be at the forefront of all things mobile. Previous investments include: Rummble Labs, German mobile engineering automation firm SCHAD; mobile and social game publisher, Portalarium; and Aylus Networks, the US based enabler of video communication services over mobile networks.