InMotion extends portfolio by investing in Transit and Festicket
Jaguar Land Rover
InMotion Ventures, Jaguar Land Rover’s venture capital fund, is supporting Montreal-based planner app, Transit, and the world’s largest music festival portal, Festicket.
The investments will see InMotion help both companies expand and realise their global ambitions.
Transit is aiming to become the one-stop-shop for on-demand transport services in cities globally, as they integrate a range of mobility options to allow people to find the best way to get from A to B without needing to use their car. It also allows integrated payments, enabling users to book and pay for car share, ride-hail, bike share and transit trips across 175 cities.
Sam Vermette, Transit Co-founder and CEO, said: “New modes of mobility are entering the market at record speeds. The funds raised will help us grow, as we deepen our partnerships with transport operators, and increase the variety of on-demand services available through the app.”
Sebastian Peck, Managing Director of InMotion Ventures, says the changing face of urban transport has never been as visible in global cities as it has been over the last couple of years.
“With more on-demand transport options than ever, we believe Transit has a key role to play in helping users navigate the city effectively and simplify payments. We are excited to be working with the Transit team as they shape the face of urban transportation.”
InMotion has also invested in Festicket, which gives music fans seamless service when discovering and booking tickets, as well as creating travel packages to create the complete festival experience.
So far the UK company has served more than two million travellers from more than 120 countries, but has ambitions to become the No.1 global live events experiences platform as they focus on expanding into North America and Asia.
Zack Sabban, Festicket’s co-founder and CEO, said this new investment will help the company accelerate its plans for expansion internationally. He added:
“Our success so far has been driven by our focus on content, community and commerce, so we will use the same ingredients to become the go-to brand for live event experiences.
The festival tourism industry is continuing to grow, with the UK music tourism seeing increases from £2.2bn in 2012, to more than £4bn in 2017.
Sebastian added: “InMotion’s investment in Festicket reflects our belief that premium mobility is about adventures and experiences that people love for life.
“The festival industry is a tangible manifestation of this desire, and we want to help make it easier for every future festival goer to create everlasting memories.”
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