London journey planner app Citymapper acquired by billion dollar US tech firm Via
Popular London navigation app Citymapper has been sold to tech firm Via in a cash-and-stock deal.
Via said the deal would allow it to integrate Citymapper into its platform, allowing it to connect all elements of a transport system, to offer “a unified solution and exceptional journey planning experience.”
Via would not disclose the size of the transaction.
Citymapper founder and CEO Azmat Yusuf said: “The team at Citymapper has spent a decade building some of the greatest technology in urban mobility, with the mission to make cities easier to navigate and urban transportation more efficient, sustainable, and accessible.”
“We share this vision with Via, and through this acquisition, can expand Citymapper to a larger audience, make our technology available to cities and transit agencies, and extend the positive impact on the communities we serve.”
Citymapper was founded in London by former Google employee Azmat Yusuf as a way to find out the best ways to navigate the capital on public transport, and now operates in 80 cities around the world and has over 50 million users.
The tech firm, which had 65 employees according to its most recent annual report, had sales of 5.1 million in 2021 and made a loss of £7.4 million, after pandemic restrictions reduced the number of users by almost 90%.
The firm has raised £45 million from investors including Index Ventures and Balderton Capital to date, including new capital from institutional investors in 2020. In 2021, it launched a crowdfunding campaign in a bid to raise cash to fuel expansion into every major metropolis in the world.
Last month, New York-based Via closed a $110 million funding round in a move that valued the company at $3.5 billion.
The round was led by a consortium of investors including 83North, with participation from new and existing investors including Exor N.V., Pitango, Janus Henderson, CF Private Equity, Planven Entrepreneur Ventures, Riverpark Ventures, and ION Crossover Partners.