Social traffic app maker Waze closes $30M funding round
Social traffic and navigation community Waze has completed a $30 million funding round led by Horizons Ventures Hong Kong and Kleiner Perkins Caufield & Byers. The new financing follows less than a year after Waze closed a $25 million Series B financing round led by Blue Run Ventures.
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 and traffic information originating via on-the-go users who keep the solution open on their mobile device. Users can also actively contribute reports on accidents, police traps and related hazards. More than 7 million drivers now use Waze across operating systems including Apple's (NASDAQ:AAPL) iOS, Google's (NASDAQ:GOOG) Android and Research In Motion's (NASDAQ:RIMM) BlackBerry.
Waze said it will leverage the new funding to support its growing userbase--in addition to traditional strongholds like the U.S., France, Italy and Israel, the firm is also experiencing growth in new markets like Spain, Malaysia, Mexico, and Brazil. Waze also plans to continue its international rollout: "Expanding to China, the world's fastest growing automotive and smartphone market, is an obvious next move for us," said CEO Noam Bardin in a statement.
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