Masabi, a UK developer of mobile phone ticketing technology, has completed a €2.9 million Series B round of funding with its existing shareholder, the mobile technology fund m8 Capital.
Masabi offers mobile ticketing technology for the transport sector. Its applications turn mobile phones into personalized ticket machines which allow people to securely purchase and display tickets on almost any mobile phone, not just smartphones. Once people have bought a ticket, their phone can be easily scanned at the gate or by a train guard. This means travelers can avoid ticket machines and queues.
Masabi works in partnership with transport systems integrators, including thetrainline.com and Atos, and is deployed with operators including Virgin Trains, Cross Country Trains, First TransPennine Express, First Hull Trains, Chiltern Railways and others. The latest funding round will support the company’s deployments in the UK. It will also be used for the development of new service features, including NFC technology, and for expansion into new markets, particularly the US.
The company secured its Series A funding round of €1.5 million in September 2010.