Alliance Ventures invests in Canadian mobility app Transit

Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, on Monday announced that it has made an investment in Montreal-based Transit, a multi-modal transportation mobile app company.

Financial details of the transaction were not disclosed.

The investment announcement comes less than a week after the venture capital firm led an undisclosed Series A round in WeRide.ai, an autonomous driving company, marking its first investment in China. Other investors in WeRide.ai include Qiming Venture Capital, Hanfor Capital, Atop Capital, Johnson Electric, Xiaopeng He, Idinvest Partners, and OceanIQ Capital.

Transit’s mobile app platform enables multi-modal transportation, integrating public transit, ride-hailing, bike-sharing, and scooter-sharing by combining real-time data from transit agencies with user crowdsourcing. The company claims to service more than 175 metropolitan areas globally, according to a statement.

Sam Vermette, chief executive of Transit, added: “New modes of mobility are entering the market at record speeds. It took decades for car-sharing to catch on. Now, e-bikes and scooters are being rolled out in weeks. This is an exciting time, as Transit helps people navigate their new mobility options.”

Adds François Dossa, Alliance Global vice-president, ventures and open innovation, “This investment, which will advance Transit’s efforts to make mobility seamless and accessible in cities, fits with the Alliance 2022 strategy to become a leader in robo-vehicle ride-hailing mobility services and a provider of vehicles for public transit use and car-sharing.”

Alliance Ventures, which was launched earlier this year with an initial capital of $200 million, aims to invest up to $1 billion over the next five years to focus on new mobility including electrification, autonomous systems, network connectivity and artificial intelligence. The firm is co-located in Amsterdam, Silicon-Valley, Paris, Yokohama, Beijing and Tel Aviv, and focuses mainly on Series A and B, plus follow-on investments to support the startups growth.

Earlier last month, Alliance Ventures also led a $5-million Series A financing round in US mobility data platform Coord. The round was also joined by Trucks, Urban.Us, DB Ventures and Joshua Schachter, according to a company release. The fund made its maiden investment in January by taking an equity stake for an undisclosed amount in Ionic Materials, a Bill Joy-backed battery technology developer.

Also Read:

Alliance Ventures leads Series A round in China’s self-driving startup WeRide.ai

Tata Motors mulls alliance with Ola, Uber with new shared mobility platform

The post Alliance Ventures invests in Canadian mobility app Transit appeared first on DealStreetAsia.

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