Fast-growing technology company specialises in dynamic, data-driven optimization of public mobility systems around the world
John Elkann: “Our investment in Via confirms Exor’s continuing commitment to building great companies for a better tomorrow”
Successful on-demand transit model provides environmentally-friendly, accessible and flexible transport solutions
Next stage of Via’s development will transform how people move in cities across the globe
Amsterdam, 30 March 2020 EXOR N.V. (“EXOR”), one of Europe’s leading family-controlled holding companies, announces that it has signed an agreement with Via Transportation Inc. (“Via” or “the Company”) under which EXOR will invest a total amount of $200 million to acquire a 8.87% in the Company on a fully-diluted basis. Under the terms of the agreement, Noam Ohana - who leads EXOR Seeds, the early stage investment arm of EXOR - will join the Board of Via and become a Director of the Company.
Via is a highly successful, rapidly growing technology company specialising in the dynamic, data-driven optimisation of public mobility systems in cities all around the world. The business, founded in 2012 by Daniel Ramot and Oren Shoval, first launched its innovative technology platform by providing an on-demand, shared-ride transit service in New York City in 2013.
Commenting on the investment, John Elkann, Chairman and Chief Executive Officer of EXOR said: “At this uniquely challenging moment, it is more important than ever to work creatively for a more sustainable future beyond these difficult days. Partnering with Daniel and Oren and their outstanding team to support the development of their powerful problem-solving technology confirms our strong and positive engagement with them. Our investment in Via underlines EXOR’s continuing commitment to building great companies for a better tomorrow.”
Via Co-founders Oren Shoval and Daniel Ramot said, “We are honored to partner with John, Noam, and the Exor team to help cities provide accessible, affordable, and environmentally-friendly transit to their residents. 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. 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.”
Via has developed a digital infrastructure platform to power the next generation of public transportation, moving away from a system of rigid routes and schedules to a fully dynamic network. The Via algorithm matches, in real time, multiple passengers headed the same way, creating a highly affordable, convenient, and premium bus service, while keeping trip durations similar to those of a private taxi. The platform is able to move a high volume of riders while using a fraction of the number of vehicles utilized by ride-hailing services, significantly reducing urban congestion while providing a high quality and lower cost mobility service for its customers.
Over 70 million rides have been taken using the Via platform to date, and its service is available in more than 70 cities in 20 countries. Importantly, Via’s success has also been achieved by working closely with its more than 100 partners in municipalities, public transit agencies and operators, major corporations, schools, and universities to optimize their transport systems.
EXOR has as its purpose to Build Great Companies, applying its multi-generational, entrepreneurial experience in partnership with owner operators as they move to scale their businesses. Working now with the Via team, EXOR will share its skills and knowledge building global companies for more than 100 years, as Via takes an already successful business to the next stage of its development. Specifically, this will involve further extending the proven power of Via’s platform from the B2C to the B2B environment, changing the way people move around the cities wherever Via is present.
Completion of the transaction, which is subject to antitrust approval, is expected to occur in the second quarter.