Via, a ride-hailing startup out of New York City, announced Monday it closed on a $200 million Series E round, bringing its total funding raised to more than $500 million. The company is valued at $2.25 billion.
Via’s AI-enabled app allows passengers traveling in the same direction to carpool together, providing cheap rides that reduce urban congestion. The service has been deployed in more than 70 cities worldwide, including in Europe as part of a partnership with Mercedes-Benz Vans.
The company claims to have provided more than 70 million rides worldwide by working with municipalities, public transit agencies, corporations, schools and universities in cities like Sydney, Los Angeles and London.
Like Uber and Lyft, Via has suspended shared rides in areas like New York City, San Francisco and Chicago amid the COVID-19 pandemic. However, the company says it is “actively supporting cities during this critical time” by providing emergency transit of goods and personnel. Co-founders Oren Shoval and Daniel Ramot said in a statement that part of this funding will be used to continue and expand on these efforts.
This round was led by EXOR, the holding company of Italy’s ultra-wealthy Agnelli family, who is also behind companies like Ferrari and Fiat.
“Especially in these difficult times, we greatly value EXOR’s commitment to Via’s vision of a dynamic, data-driven public mobility system that provides more cost-effective and equitable transport to communities everywhere,” Shoval and Ramot said in a statement. “During this emergency period, we are proud to apply our technology and operational expertise to assist cities with optimizing transit networks, transporting essential workers, and delivering goods and services to individuals in need.”