With its promise of not just becoming another carpooling app, Viv announced that it has raised $70 million in Series C funding. Another $30 million is expected to land on its lap in the coming weeks.
The latest funding was participated by 83 North, Ervington Investments, Hearst Ventures and Pitango Growth on the lead, Fortune reports. As told by the outlet, investors have sunk $107.6 million into the startup.
As per Tech Crunch, Via currently operates in New York City and Chicago. In a joint statement, co-founders Daniel Ramot and Oren Shoval expressed, "Via is creating the public transit system of the future."
"With existing transportation infrastructure straining and in some cases failing to meet rising demand across the globe, Via's dynamic bus system offers cities a smart solution to traffic congestion and emissions. We're delighted to have secured significant backing for our vision: eliminating single-occupancy vehicle trips by creating a mass transit system powered by advanced algorithms and data," they added.
Via, which brands itself as smarter than the subway, better than the bus and cheaper than a taxi, allows users to share rides in premium vehicles. While it is seen as a competitor to Uber and Lyft, the difference lies in the fact that it does not provide door-to-door transaction.
Using the service comes in two quick steps: (1) the passenger books a ride through the smartphone app and (2) a professionally-chauffeured service comes to pick up. The average waiting time is 5 minutes and users can expect accurate estimate of the ride before booking.
In New York, rides are available on weekdays from 6AM to midnight. This can be anywhere in Manhattan south of 110th Street. From 6AM to 9PM, a ride will cost $5, exclusive of tax. Rides 9PM to midnight are slightly more expensive at $5.95, excluding tax as well.
Meanwhile, rides are available in Chicago on weekdays from 6AM to 9PM. Areas covered include the Loop, West Loop, River North, Lincoln Park and Lakeview (east of Sheffield). Rides during peak hours cost $4.95 each, and this will be from 7:30AM to 9AM and 5PM to 6:30PM. Outside these timelines, a trip costs $3.95.
Via is available to download in the App Store and Google Play.
