Trafi, a Vilnius, Lithuania-based journey planning app for commuters and travelers, raised $6.5m in Series A funding.
The round was led by Octopus Investments, with participation from EBRD Venture Capital Investment Programme, BaltCap and Practica Capital.
The company intends to use the funds to launch in additional markets, scale the team, including the planned hire of a VP of Growth and further develop the technology behind the app.
Founded in Lithuania in 2013 by Jurgis Pasukonis, Mantas Vizbaras, Martynas Gudonavicius and Algimantas Krasauskas, Trafi provides a public transport mobile app designed to accurately plan journeys using real-time data. It provides journey planning information, using a mix of data collected from users and transit authorities. The team focuses on high-growth emerging markets, where they use predictive technology to look at local traffic patterns and then apply TRAFI’s algorithm to calculate exact journey times.
The app is currently available in Turkey, Lithuania, Latvia, Estonia and Brazil.
Trafi is also opening up a London-based office.
FinSMEs
20/05/2015