TRAFI receives $6.5m in funding led by Octopus Investments
- TRAFI uses unique algorithms and crowd-sourced real-time data to provide most accurate commuting information
- The $6.5m Series A round was led by Octopus Investments, alongside the EBRD, BaltCap and seed investors
- TRAFI increases confidence in and use of public transport
London, 13th of May 2015: TRAFI, a public transport mobile application for emerging market cities, has today announced a Series A fundraising round totalling $6.5m. The round was led by Octopus Investments with the EBRD Venture Capital Investment Programme and BaltCap, who all join existing investors Practica Capital.
Originally founded in 2013 in Lithuania, TRAFI was listed in Apple’s highly regarded ‘Best apps of 2014’. TRAFI provides superior user experience and transit planning information using real-time data complemented by proprietary prediction algorithms and crowd-sourced reports. It is currently available in Turkey, Lithuania, Latvia, Estonia and Brazil and the $6.5m announced today will enable TRAFI to launch additional markets, scale the team and further develop the proprietary back-end system.
Martynas Gudonavicius, Founder and CEO of TRAFI commented: “To have such a strong backing at this point from illustrious investors makes this a particularly exciting time for us. Existing solutions tend to focus on scaling to multiple cities quickly, without fixing the core problem: that publicly available public transportation information is often inaccurate, which in time results in poor user engagement.”
“We see enormous potential in emerging market cities where complex transport networks and the imperfect information available currently makes it difficult for commuters to plan their journeys. In environments like these, TRAFI’s highly accurate platform sets us apart from existing public and private solutions”
Simon King, a member of the Ventures team at Octopus commented: “At Octopus we believe in backing great teams from across Europe and, in TRAFI we’re very excited about partnering with one of the top teams to come out of Lithuania.”
TRAFI is world’s most accurate public transportation app focusing on emerging high-growth markets and was listed in Apple’s highly regarded ‘Best apps of 2014’. Our unique technology and backend algorithms allows us to provide better quality public transportation information than competitors and official local transit authorities. Founded in 2013 in Lithuania by Jurgis Pasukonis, Mantas Vizbaras, Martynas Gudonavicius and Algimantas Krasauskas, TRAFI brings scientific approach to public transportation with aim to raise confidence in public transport and its usage.
About Octopus Investments
Octopus is a venture capital investor who backs talented people with the potential to build big businesses. Our focus is on identifying entrepreneurs and fast growth companies that can scale explosively to create, transform or dominate an industry. The Ventures team has a proven track record of helping build exceptional global businesses, including Zoopla Property Group, Secret Escapes, SwiftKey, graze.com and YPlan.
The Ventures team is part of Octopus Investments, one of the UK’s leading investment management companies specialising in smaller company investing, with more than £5 billion of funds under management.
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