We’re proud to share the successful exit of our portfolio company Swiftly, following a strategic investment led by Cove Hill Partners in late May. This new chapter will enable Swiftly to accelerate its product roadmap and further strengthen its position as a leader in helping transit agencies and operators in the US and around the world deliver better public transportation services.
The company will continue to be led by Co-founder and CEO Jonny Simkin, along with the current leadership team.
We first partnered with Swiftly in April 2019, co-leading their $10 million Series A round. At that time, the company served just 50 agencies with a simple tool focused on transit time data and operational insights. The vision, however, was clear: build the operating system for public transportation.
Six years later, following a Series B round in late 2020 joined by JMI Equity, as well as the acquisition of Hopthru in mid-2024, Swiftly has grown into a global data platform. Today it serves over 190 transit agencies across 12 countries, including more than half of the 25 largest US agencies by bus ridership. Its platform supports over 11,000 transit professionals in improving service for 2.4 billion passenger journeys each year.
While the current success is evident, it has been no less than a rollercoaster. During the COVID period, with public transport usage collapsing, it wasn’t clear how or when recovery would come. Later, as normal life and mobility needs resumed, the broader tech market was in turmoil. It is a credit to Jonny and the rest of the team that, through difficult decisions made in late 2022 and early 2023, Swiftly emerged stronger, leaner, and on a clear path to profitable growth.
We have been fortunate to be part of this journey. We supported Jonny and European Director Joaquin in successfully expanding into Europe, winning major contracts in cities like Paris and Madrid. On a more personal note, I have truly enjoyed working with Jonny, first as a board member and later through regular catch-ups, all that despite a nine-hour time difference.
Now, after six years of partnership, Aster is fully exiting its position in Swiftly. We are proud of the progress made and thankful to have played a role in the company success.
To Jonny and the entire team: thank you and congratulations. We wish you continued success in this exciting next phase.