London mobile ticketing firm secures $20m financing for global growth

London-based mobile ticketing and public transport payments firm Masabi has secured $20m financing in a deal advised by law firm Shoosmiths.

The financing round was by Shoosmiths partner Steve Barnett and venture capital firm Smedvig, with participation from existing investor MMC Ventures.

Masabi, which specialises in software as a service (SaaS) mobile ticketing for public transport and works with brands such as Uber, plans to use the funds to expand its existing proposition and accelerate global expansion.

Shoosmiths partner Steve Barnett, who was supported on the deal by solicitor Emma Cameron, commented: “We are delighted to have support Masabi on its latest investment round and wish it all the best for its ambitious future plans.”

“In an increasingly cashless society, software like Justride is revolutionising the ticketing experience and benefitting users. Clearly, Masabi’s investors have identified its massive potential and can see the real value of supporting its global expansion drive.”

Masabi CFO Matt Jones added: “Steve and the team have been exceptional throughout. Their understanding of the venture capital sector smoothed the path to a successful completion.”