Cross London Trains Valuation, Funding & Investors

Cross London Trains is valued at $1B as of March 2026.

Last Cross London Trains valuation

$1B

Undisclosed stage · Mar 2026

Last Cross London Trains funding round

$70M

Undisclosed stage · Mar 2026

Cumulative funding Cross London Trains raised

$164M

across 2 funding rounds

Key investors in Cross London Trains

Cross London Trains Overview

About Cross London Trains

Cross London Trains is a rolling-stock financing and leasing company established to procure trains for the Thameslink passenger rail programme in the United Kingdom. The company financed a fleet of Siemens Desiro City electric multiple units and leases them for operation on routes crossing central London and serving destinations across southeast England. Its activities include ownership, financing, delivery oversight and long-term asset stewardship rather than passenger operations. Revenue is generated through contracted lease payments associated with the government-backed rail franchise framework. The company was owned by infrastructure investors alongside Siemens Project Ventures during its development and delivery period. Its fleet investment formed a central part of the Thameslink capacity upgrade and introduced high-capacity electric trains across the network.


Founded

2011

HQ

United KingdomLondon

Status

Privately held

Customer focus

B2B

Revenue model

Services

Valuation

$1B (Mar 2026)

Cross London Trains Valuation

Cross London Trains is currently valued at $1B, based on its undisclosed-stage round in March 2026.

The $70M round was led by HICL Infrastructure.

Cross London Trains valuation by funding round

Cross London Trains valuation by funding round
DateStageValuation
Mar 2026Undisclosed stage$1B

Cross London Trains Funding History

Cross London Trains has raised a total of $164M across 2 funding rounds, plus 1 secondary share sale.

Cross London Trains' first fundraising round was a $94M strategic investment round in June 2013. The most recent completed round was a $70M undisclosed-stage round in March 2026.

Cross London Trains funding rounds

Cross London Trains funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2026Undisclosed stageHICL Infrastructure (lead)$70M$1B-
Mar 2019SecondaryEquitix; Dalmore Capital--Dalmore Capital and Equitix funds completed the acquisition of 3i Infrastructure’s 33.3% interest in Cross London Trains on 13 March 2019. The transaction delivered proceeds of GBP 333 million to 3i Infrastructure following satisfaction of the required third-party conditions. Cross London Trains was created to procure, finance and lease Siemens Desiro City rolling stock for the Thameslink passenger rail programme. The company owns the train fleet and receives contracted leasing revenue rather than operating passenger services. 3i Infrastructure had committed GBP 61.8 million to the business in 2013 alongside Innisfree and Siemens Project Ventures. During the holding period, the fleet progressed through manufacture, delivery and acceptance into operational service. Dalmore and Equitix acquired the interest through infrastructure funds suited to long-duration contracted assets. The sale crystallised a substantial gain for 3i Infrastructure and concluded its approximately six-year involvement in the rolling-stock company.
Jun 2013Strategic investment3i Infrastructure$94M-3i Infrastructure committed GBP 61.8 million on 27 June 2013 for a 33.3% interest in Cross London Trains. The investment was made alongside Innisfree PFI Secondary Fund 2 and Siemens Project Ventures, which also held interests in the rolling-stock company. Cross London Trains was established to procure, finance and lease the new Siemens Desiro City train fleet required for the Thameslink passenger rail programme. The company’s role covered ownership and long-term asset stewardship rather than operation of passenger services. Its revenue is generated through contractual leasing arrangements linked to the British rail franchise structure. The investment financed an essential capacity upgrade serving routes through central London and the southeast of England. Delivery and acceptance of the fleet reduced construction and commissioning risk over the holding period. 3i Infrastructure sold its full stake to a Dalmore and Equitix consortium in March 2019.

Who has invested in Cross London Trains?

4 investors have backed Cross London Trains across its funding rounds, including Equitix, 3i Infrastructure, Dalmore Capital and HICL Infrastructure.

Lead investors include HICL Infrastructure.


Cross London Trains Investors

Investors in Cross London Trains by funding rounds participated
InvestorHQRoundsRoleFirst check
EquitixUnited KingdomLondon1ParticipantMar 2019
3i InfrastructureJerseySt Helier1ParticipantJun 2013

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Cross London Trains Competitors

Cross London Trains competitors include listed companies like Black Diamond Gr and Smartgroup Corp, and private ones like Blueground, Grover, Mofang Gongyu and FINN.

Public and private companies comparable to Cross London Trains
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Black Diamond GrCanadaCanadaPublicly listed$327M$85M$1B3.4x
BluegroundUnited StatesNew York City, NYPrivate$140M-$1B-
GroverGermanyBerlinPrivate$236M-$1B4.2x
Mofang GongyuChinaShanghaiPrivate--$1B-
FINNGermanyMunichPrivate$320M-$1.2B3.6x
Smartgroup CorpAustraliaAustraliaPublicly listed$230M$95M$1.2B4.1x

Cross London Trains Public Comps

Cross London Trains is still privately-owned, but its public comps include Black Diamond Gr, Smartgroup Corp, Upbound, Katapult, Willis Lease Finance, FleetPartners Group, QNB Finans Leasing, PROG Holdings, Zigup and Hertz.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Black Diamond Gr$327M$85M4.0x3.4x15.3x12.9x
Smartgroup Corp$230M$95M4.5x4.1x10.9x9.9x
Upbound$4.7B$1.7B0.6x0.6x1.6x5.3x
Katapult$292M$215M3.3x3.0x4.5x63.1x
Willis Lease Finance$730M$406M4.5x4.5x8.0x7.0x
FleetPartners Group$471M$256M2.9x2.8x5.3x11.7x
QNB Finans Leasing$134M$50M17.3x-46.1x-
PROG Holdings$2.4B$1.8B0.9x0.7x1.2x6.2x

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Common questions about Cross London Trains

When was Cross London Trains founded?Cross London Trains was founded in 2011.
Where is Cross London Trains headquartered?Cross London Trains is headquartered in London, United Kingdom.
Is Cross London Trains publicly listed?No, Cross London Trains is a private, VC-backed company.
What is Cross London Trains' valuation?Cross London Trains was last valued at $1B in its undisclosed-stage round in March 2026.
How much funding has Cross London Trains raised?Cross London Trains has raised $164M across 2 funding rounds.
What was Cross London Trains' last funding round?Cross London Trains' last funding round was a $70M undisclosed-stage round in March 2026, led by HICL Infrastructure.
Who are Cross London Trains' investors?Cross London Trains' investors include Equitix, 3i Infrastructure, Dalmore Capital and HICL Infrastructure.
Which companies are comparable to Cross London Trains?Companies comparable to Cross London Trains include Black Diamond Gr, Blueground, Grover, Mofang Gongyu, FINN and Smartgroup Corp.

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