Public transport app gets backing for growth plans
The purchase of an equity stake in the Lithuanian company that operates TRAFI, a mobile application for planning travel by public transport, will support its owners’ ambitious plans for international expansion.
TRAFI allows users to receive real-time updates on public transport schedules based on publicly available transport authority data, crowdsourcing and predictive modelling algorithms. It is owned by Trafi Limited, which launched the application in Estonia, Latvia, Lithuania and Turkey and aims to expand across eastern Europe and other emerging markets.
The EBRD acquired a stake in Trafi Limited through its Venture Capital Investment Programme (VCIP), a €100 million facility dedicated to direct equity investments in early and growth-stage technology companies.
By championing these businesses, the EBRD aims to encourage international venture capitalists to enter the region and foster a venture capital financing ecosystem. The VCIP is an important part of the Bank’s Knowledge Economy Initiative, which supports innovation and technological dynamism in the EBRD region.