Social driving app Waze raises $25 million in Series B
Crowdsourced driving application developer Waze closed a $25 million Series B financing round led by Blue Run Ventures, bolstered by contributions from new and existing investors including Qualcomm Ventures, Magma Venture Partners and Vertex Venture Capital. The Waze application assembles turn-by-turn GPS navigation, real-time traffic updates and social networking components to improve the daily commute, with all map, traffic and incident report information originating via on-the-go users. More than 2.2 million drivers worldwide now use the Waze app, with services spanning more than 100 countries and all five major smartphone operating systems.
Writing on the By the Waze blog, CEO Noam Bardin states the firm will leverage the new funding round to expand its corporate and marketing initiatives, invest in operational infrastructure and build out its team. Bardin notes that in the months ahead, Waze will open its platform, offering access to data and APIs--the firm also plans new features, functionality and infrastructure upgrades. "We want media companies to engage users as citizen journalists," Bardin adds. "We want to enable local governments to encourage users to report about hazards on the road to help keep our roads safe. We want major brands to provide wazer's with incentives to visit their establishment, helping you find deals on the road."
- read this By the Waze blog entry