Optibus, a company that provides software solutions for the public transportation industry, has raised an additional $200M in funding. The new investment brings the total amount of money raised by Optibus to $350M.
The company’s CEO, Amos Hoofien, said that the funding will be used to continue growing and expanding the business, with a focus on developing new products and services that can help public transportation operators improve their operations and provide better services to passengers.
Optibus’ software solutions include tools for route planning, scheduling, and real-time data analysis, as well as passenger information systems. The company has already gained significant traction in the market, with over 100 cities worldwide using its solutions.
The funding round was led by Insight Partners, a venture capital firm that has been an investor in Optibus since 2016. Other investors participating in the round include Bessemer Venture Partners, Tencent Holdings, and SOMV Momentum.
Optibus’ success is notable given the challenges facing the public transportation industry, including declining ridership and revenue due to the COVID-19 pandemic. However, the company’s focus on digital transformation and innovation has helped it stay ahead of the curve.
The new investment will help Optibus continue to drive growth and expansion in the market, with plans to hire more staff and develop new products and services.
Key points:
- Optibus raises an additional $200M in funding
- Total amount raised by the company now stands at $350M
- Funding will be used for product development, hiring, and expansion
- Insight Partners leads the round, with participation from other investors including Bessemer Venture Partners, Tencent Holdings, and SOMV Momentum
- Optibus’ software solutions include route planning, scheduling, real-time data analysis, and passenger information systems
- Company has gained significant traction in the market, with over 100 cities worldwide using its solutions
