Mobile ticketing company Masabi has secured $2.8m (£1.8m) in investment to accelerate its deployment of ticketing solutions, based on its JustRide platform, to US transit systems.
The funding comes from three companies – strategic investment firm Fontinalis Partners, the London-based MMC Ventures and existing investor m8 Capital.
“Masabi’s partnership-based approach to implementing agile fare collection means that transit agencies can have a revolutionary mobile ticketing system in months, not years, as we have shown with the MBTA in Boston,” said Masabi CEO Ben Whitaker. “Because Masabi takes on the risk of delivering the new service on-time and on-budget, we only succeed when the transit agency succeeds.” 
Off the back of the funding news, the company also announced it has opened a New York office, and hired Josh Robin as its VP of strategy and business development for operations in the US.
Masabi currently processes over $50m in yearly ticket sales, and its deployment for the Boston MBTA has processed $3m in transactions in the four months since launch, accounting for more than 10 per cent of ticket sales.
