Ride-sharing firm Via raises $27 million

Reuters News
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Posted: Apr 02, 2015 8:22 AM

JERUSALEM (Reuters) - Mobile technology firm Via, whose ride-sharing application can instantly match commuters with drivers, said on Thursday it raised $27 million to help expand its transportation network.

The funding was led by Israel's Pitango Venture Capital and included media group Hearst Corp, Ervington Investments, representing Russian billionaire Roman Abramovich, and previous investor 83North.

Via's mobile app competes with public transportation, allowing passengers heading in the same direction to share a vehicle for a set fee. It launched in New York City in 2013.

The company said the idea for Via came from Israel, where many people rely on shared vehicles called sheruts to travel along main bus routes.

"We are excited to use this infusion of capital to provide new services and roll out to new markets very rapidly," the company's co-founders, Daniel Ramot and Oren Shoval, said in a statement.

Via, which is headquartered in New York with offices in Tel Aviv, has raised a total of $37 million.

(Reporting by Ari Rabinovitch)