Spare Secures $42M in Series B Funding to Accelerate Growth in Demand Response Transit Solutions ACCESSWIRE 2024-09-10
VANCOUVER, BC / ACCESSWIRE / September 10, 2024 / Spare, the leading provider of mobility operations software, today announced the successful completion of its Series B funding round, raising $42 million CAD. The funding round was led by Inovia Capital, a longtime partner and lead investor from Spare's Series A. Other previous investors, including Kensington Capital and Nicola Wealth, also participated.
This new funding will enable Spare to meet the growing demand for innovative transit solutions, particularly in the paratransit sector. As the population ages, the need for efficient, flexible, and responsive transportation services has never been more critical. Spare's solutions are designed to offer this flexibility and efficiency. The capital will be used to expand Spare's global reach, allowing more agencies to serve their riders better while accelerating the development of its AI-driven platform.
"We're incredibly grateful for Inovia's continued support as our lead investor since day one; their guidance has been instrumental in our growth and success," said Spare CEO Kristoffer Vik Hansen. "We're also grateful for the ongoing commitment from Kensington Capital and other strategic investors who have helped push the industry forward. This capital allows us to serve more riders, providing the paratransit community with the great consumer experience they deserve. By harnessing advanced technologies, including Artificial Intelligence, we will further improve efficiency and cost-effectiveness for transit agencies, ultimately enhancing the rider experience, especially for the most vulnerable in our society."
"This funding round will accelerate Spare's mission to make transit more accessible by enabling the freedom of mobility," said Hugues Lalancette, Partner at Inovia Capital. "We continue to be impressed with their world-class product and momentum they've built with partners and are confident that this significant investment will help them continue to develop AI-based solutions that meet the evolving needs of transit agencies."
Spare has recently announced significant partnerships with transit agencies, including Dallas Area Rapid Transit (DART), Bay Area Rapid Transit (BART) and Alameda-Contra Costa Transit District (AC Transit) in the Bay Area, and GoDurham ACCESS in North Carolina. These agencies use the Spare Platform to power their demand response services, whether ADA-paratransit or microtransit. Spare operates in eight of the 10 largest cities in the United States.
One of the pioneering projects in the paratransit sector has been with CapMetro Access in Austin, Texas, where Spare helped modernize and transform its paratransit services from a decades-old legacy system. This collaboration has set a benchmark for similar services across the country, demonstrating the potential of technology to enhance transit accessibility.
"Spare has been instrumental in helping CapMetro Access transform our paratransit service, making it more efficient and responsive to our community's needs," said Art Jackson, VP of Demand Response at CapMetro. "Their innovative platform and dedicated support have allowed us to offer a more equitable transit solution, paving the way for future enhancements and expansions."
With a strong presence in North America, Europe, and Asia, Spare is the leading provider of demand response transit software. It empowers transit agencies worldwide to deliver efficient, flexible, and responsive transportation services. Focusing on innovation and customer success, Spare's AI-driven platform is transforming the way cities move.
"As early supporters from the Series A round, we've seen Spare evolve from a promising startup to a key player in the transit space," said Dylan Freeze, Director at Kensington Capital. With this new funding, we're eager to see Spare drive further innovation and empower more transit agencies to deliver flexible, efficient, and modern services."
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About Spare
Spare specializes in providing transit agencies with the technology to modernize ADA-paratransit systems and launch microtransit services. The company focuses on enhancing transportation access for underserved communities, offering a comprehensive suite of software tools tailored to meet each agency's unique requirements. Spare has powered over 15 million rides globally and partners with top agencies such as DART (Dallas), PSTA (Pinellas County), AC Transit/BART (Oakland), CapMetro (Austin), and Winnipeg Transit. For more information, visit www.sparelabs.com.
About Inovia Capital
Inovia Capital is a venture capital firm that partners with founders to build impactful and enduring global companies. The team leverages an operator-led mindset to provide founders with multi-stage support, mentorship, and access to a worldwide network. Inovia manages over US$2.5B with operations in Montreal, Toronto, Calgary, San Francisco, and London. For more information, visit www.inovia.vc.
