Masabi, which develops mobile ticketing technology for the transport sector, has secured $4 million from London-based m8 Capital, the majority-owned affiliate of AGC Equity Partners that targets mobile startups and technology. This is a B-round, following the $2m A-round of last year.
In June last year, m8 invested $800k in the location-based startup Rummble, the startup which pre-dated Foursquare but which is now focusing on the B2B market.
Masabi says the new funding will be used to expand in the US where it’s getting traction amongst US train operators.
Masabi’s Ticket Machine in your Pocket allows “secure, usable ticket purchase and display” on mobile phones (both so-called feature phones and smartphones). commuters can use their phone to purchase tickets using a credit or debit card, with the tickets themselves redeemed either by being displayed on the phone’s screen via secure barcode technology, or printed at the train station.
The idea now will be extended to include NFC.
“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.
Back in December 2008 Masabi’s design for a secure barcode ticket was adopted as a national standard by the UK Association of Train Operating Companies (ATOC).