Renault-Nissan-Mitsubishi invests in Transit mobility app
Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, has announced today that it has invested in the latest round of funding in mobility app Transit.
Based in Montreal, Canada, Transit’s mobile app aggregates and maps real-time transportation data, used in more than 175 metropolitan areas around the world. This enables multi-modal transportation, integrating public transit, ride-hailing, bike-sharing and scooter-sharing.
The Alliance Ventures fund launched this year and plans on investing up to $1bn over the next five years in start-ups making mobility technology.
François Dossa, Alliance Global vice president, ventures and open innovation, said: “We are pleased to make a strategic investment in Transit, the leading urban mobility navigation start-up in North America. 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.”
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. We look forward to working closely with Renault-Nissan-Mitsubishi as Transit grows.”