While services like Uber built businesses that compete with cities’ transportation networks, Via sees a lucrative niche catering to—and working with—municipalities.
aniel Ramot has the kind of marquee education—degrees in math, physics and electrical engineering, capped by a Ph.D. in neuroscience from Stanford—that readies people for careers in science, medicine, tech or AI.
The closely held company has raised $650 million, including $60 million in March, from industrial giants like Shell and Ferrari parent Exor, along with numerous venture funds. It is now worth $2.9 billion, according to Pitchbook. Annual revenue was $225 million in 2019, the only year for which data is available, Pitchbook says. The vast majority of that is from transit agencies and municipal governments, according to Ramot.
In working directly with transit agencies, rather than building up a de facto taxi service, Via has sought to contrast itself with Uber and Lyft, which have had tense relationships with some cities over the years. And while Via relies on independent drivers for the commercial ride services it runs in New York City and Washington, D.C.
“We’re going to change the public transit system. We’re going to tell you better ways to use it, but we’re also getting in there and creating new forms of transit . . . to make the system more efficient.” Bigger, better-funded rivals Uber and Lyft concur; they’re both looking for more opportunities to partner with cities and could become a bigger direct challenge to Via.
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