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Citymapper wants to be Google Maps with its new crowdfunding

It is the first time that Citymapper has entered the world of crowdfunding with the aim of eating a piece of the Google Maps pie. To date, the British startup of one of the former Google employees had been more or less successful in the group of institutional investors. The last round, dated 2016 and with more than 30 million euros in financing, closed a series of 4 operations started in 2012 that exceed 40 million euros.

Now, the application that seeks to reconcile cities with transport and their inhabitants, wants the users themselves to invest in technology. The objective of this operation open to small investors is to raise funds to ensure the expansion of Citymapper in the great cities of the world. At least as they are installed in London, the main city for technology that after 10 years operating has yet to seek to be profitable.

This crowdfunding was planned for the spring of 2020. As expected, the arrival of the coronavirus pandemic paralyzed any plan for Citymapper. The paralysis of circulation through the cities blocked, like an expansive wave, the very activity of the mobility application. Only in 2020, the technology company registered a loss of almost 10 million euros and a drop in their activity of 90%. Now they return to the load with their intentions.

With a valuation of more than almost 222 million euros, Citymapper makes 2.54% of its share capital available to small investors

Citymapper’s idea was to offer small investors shares at the same access price as institutional investors. This means, and according to your profile on Crowdcube, that it has a price of 3.15 euros (2.71 Pounds). With a valuation of more than almost 222 million euros, Citymapper makes 2.54% of its share capital available to small investors.

At the moment, and a few hours after having opened the purchase option, the technology company has already managed to cover 498% of your capital needed. That is, of 1.16 million euros, it has achieved 5.78 million euros with a total of 6,056 new investors. The company gives 30 more days to search for new investors.

Citymapper’s goal

Citymapper’s goal is to create data-driven route systems, business service – primarily transport, as its long relationship with the British system – and means of transport in more cities than London. But the truth is that Citymapper has been operating outside the UK for a long time; a rethinking of the activity of the company made it fold its activity to its headquarters.

Now, technology is beginning its interest in growth again. One who does not want to limit himself exclusively to be the rival of google Maps. Citymapper is about to launch its own scooter network in London in June this year; unlocked, unsurprisingly, through its own app. It would solve the problem of transport management and the large number of companies that occupy its place in large cities. It would also be investigating data management through the obtaining of software licenses for corporate clients and the expansion of its Citymapper Pass model, available for the payment of transport in the United Kingdom.

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