Masabi, the developer of mobile phone ticketing technology, has 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.
