Mobility intelligence platform CitySwift has received €7 million in funding, CEO and co-founder Brian O’Rourke shared Thursday.
“I'm thrilled to announce a significant milestone in CitySwift's journey,” O'Rourke wrote on LinkedIn.
Subscribe to our newsletter below
The funding comes on the heels of a period of growth. Over a 12-month spread, its customer base grew 150%. CitySwift plans to use the funding to speed platform development. In total, O'Rourke said, the company has raised €15.3 million.
O'Rourke called Thursday an “incredibly proud day.” The funding was led by Gresham House Ventures. The round was backed by existing investors Irelandia Aviation, Western Development Commission, Act Venture Capital and Mike McGearty. Terms of the deal were not disclosed.
“Thank you for your unwavering commitment," O'Rourke said. "You've built a globally best-in-class data platform for the public transport industry that is the catalyst for our growing commercial success.”
CitySwift's transport data platform provides operators with insights to optimize bus networks.
O'Rourke recommitted to working to invest in bolstering CitySwift’s platform to deliver rising levels of return on investment for clients, maintaining its standards of customer support and success, partnering with clients to offer efficient and reliable public transit, and boosting new market opportunities.
“Public transport services have to be reliable and efficient to drive passenger growth and key to this is leveraging [artificial intelligence] and data to ensure the transport networks of the future meet ever-changing customer needs," said O'Rourke. "This investment is a massive vote of confidence in CitySwift’s platform and people. It will support us in expanding our team so we can continue to deliver the best transport data product and service for both authorities and operators, further positioning CitySwift as the catalyst for growing demand for public transport.”
CitySwift, founded in 2016, raised an additional €5 million in 2022 during a Series A investment round. CitySwift's client list includes Transport for Wales, Metroline, National Express, Translink, Go-Ahead Group, Blackpool Transport and East Riding of Yorkshire Council.
Benjamin Faulkner, associate director
at Gresham House Ventures, called CitySwift's growth "impressive."
“The team’s knowledge of both bus networks and data science makes this a compelling and unique proposition," said Faulkner. "With our experience working with other transport and mobility data businesses, we look forward to supporting CitySwift as it continues to deliver real-world benefits for transport passengers across the [United Kingdom], Ireland and global markets over the coming years.”