Volt Lines, Turkey’s leading subscription-based transportation service, raised 1.28$m pre-Series A round led by Dubai Angel Investors with follow-on from MEVP and Hedef Filo. The round was led by DAI and its members with
$780,000, while the rest came as follow-on from MEVP, Hedef Filo, and Wassim Matar.
Volt Lines went into operations in April 2018, and now operates +150 lines in the city, crossing 1.1$m of annual recurring revenue in less than 6 months of market entry. Volt Lines covers the commute of employees from near to their homes to the office and back by providing transportation along express lines operated by 16-seater mini-buses. The Volt Lines network can be imagined as a smart public transportation network of buses that dynamically change depending on demand and a population’s commute patterns.
Volt Lines plans to use the funding to more than double its engineering team, accelerate its growth in Istanbul, and finalize plans for a MENA expansion. Together with this round, Volt Lines has raised a total of 1,650,000$ since incorporation exactly a year ago.
“The future is increasingly modular, giving customers choice, affordability and relevance. Volt Lines is at the heart of this. Ali is a special entrepreneur, and I believe Volt Lines will bring “the city as a service” concept closer to our region.”Kushal Shah — Head of Digital and Technology Roland Berger — Middle East and Asia & Co-Founder of Dubai Angel Investors.
“Volt Lines’ value proposition and speed of execution makes it one the fastest growing companies in the region today. We look forward to taking this journey to expand Volt Lines offering in Istanbul first, and then across the region. We’ll be backing their MENA roll-out plans and will continue to support this exceptional team.”Walid Mansour, Partner & CIO at MEVPBy 2050, more than 70% of the world’s population is expected to be living in cities. This means more urbanization and more pressure on the infrastructure, especially that of transportation. Volt Lines sits on the intersection of many trends shaping the future of cities: Urbanization, autonomous vehicles, electrification of transport, and the rise of AI-powered transit technologies.
Volt Lines, in short, is a subscription-based transportation service that aims to make commute as comfortable, efficient and affordable as possible. Every ride that’s done on Volt Lines means less empty cars in traffic and thus reduce congestion and carbon footprint.
When we think about the daily commute, our options today are limited to a single spectrum: from one side there is car ownership and/or ride-hailing, and from the other side there is public transportation and/or micro-mobility options (biking/electric scooters). Our region is more skewed towards the first side of the spectrum due to the lack of reliable public transportation networks. Volt Lines is filling the gap in between by creating the intelligent transit network of the future, and this trend is already starting to take place even in cities with advanced public transportation networks.
Just like some African countries leap-frogged credit cards into digital payments due to the poor banking infrastructure, we believe our region will leap-frog public transportation networks into smart urban mobility powered by AI-routing. Volt Lines already started this digital transformation of commute in Istanbul, and now we’re preparing to roll out our sustainable transportation alternative in the region for a greener future.
With this investment, the Volt Lines team will be growing from 12 people to nearly 26 by the end of January 2019. Here are some of the top positions we’re hiring for: HR Manager, Finance Manager, Product Manager, Corporate Sales Managers, Operation Managers, Data Scientists, and Backend Developers. Please visit our careers page for more details.