Via's IPO opened slightly below its $46 share price but recovered to close just above it, valuing the company at around $3.9 billion. The company raised nearly $493 million, with proceeds aimed at growth and potential acquisitions. Despite still being in the red, Via is close to profitability and emphasizes its focus on supporting local government transit, especially benefiting low-income and disabled riders.
Gwinnett County in Georgia has approved a $17 billion transit expansion plan that focuses on buses and microtransit instead of MARTA expansion. The plan includes expanding microtransit, extending and reconfiguring bus routes, creating express bus routes, allowing transit services on Sundays, and adding transfer facilities. The plan will now be reviewed by the Atlanta-Region Transit Link Authority (ATL). If approved, the plan could be funded by a new penny sales tax and implemented by 2033.
The small city of Wilson, North Carolina, ended its bus service and launched an on-demand van service powered by a smartphone app, resulting in a 300% increase in public transit ridership. The service, known as RIDE, offers $2.50 trips anywhere in town and has been particularly beneficial for residents without access to a car. Wilson's transition to microtransit was driven by the need to address unemployment and lack of transportation options. The city partnered with Via, a microtransit company, to create the software for the service. Microtransit solutions like RIDE have emerged as a way to bridge the gap between urban and rural transportation needs and have gained attention from other communities seeking to implement similar programs. However, the challenge of funding remains a significant obstacle for the long-term sustainability of microtransit initiatives.
