- Mobility management platform company Passport announced it raised $65 million in Series D funding
Mobility management platform company Passport announced it has raised $65 million in Series D funding with participation from Rho Capital Partners, H.I.G. Growth Partners, and ThornTree Capital Partners.
These new investors are joining existing investors Bain Capital Ventures, MK Capital, Grotech Ventures, and Relevance Capital. Including this round, Passport has raised a total of $125 million.
Passport’s mobility management features for cities empowers them to create more livable and equitable communities. And Passport’s mobility platform enables its clients to digitally coordinate all modes of transportation and implement real-time data-centric management of their curbside and street space through its enterprise software. The company is trusted by nearly 1,000 cities, universities, and agencies, including Chicago, Toronto, London, Los Angeles, and Miami.
This round of funding will be used for investing in Passport’s mobility software platform and expanding the mobility ecosystem to enable digital parking payments outside of traditional parking apps.
“In the future, almost everyone in the world will live in a city, so there’s no more important challenge to work on than how people move throughout communities and transact with cities,” said Passport co-founder and CEO Bob Youakim. “We envision a world where mobility is seamless. To bring this vision to life, we are creating an open ecosystem where any entity – a connected or autonomous vehicle, a mapping app, or a parking app – can leverage our transactional infrastructure to facilitate digital parking payments.”
Passport is now able to help cities take control of the curb by optimizing optimize mobility and create an interface between the city’s infrastructure and vehicles. And in the coming months, Passport will be onboarding and announcing partners who are leveraging its APIs to facilitate parking payments.
In conjunction with this round of funding, Habib Kairouz from Rho Capital Partners is joining Passport’s board of directors along with Scott Hilleboe from H.I.G.
“Over the past decade, Passport has cemented itself as a leader in mobility technology and municipal payments,” added Kairouz, managing partner at Rho Capital Partners. “We see great potential in what the company can achieve in the next ten years as it facilitates partnerships that will further improve how people move around cities.”
Passport is now processing over 100 million curbside transactions each year thus resulting in more than $1.5 billion processed to date. And this year, Passport was named to the Inc. 5000 and Deloitte Technology Fast 500 lists for the second year in a row.
“Passport is uniquely positioned to transform urban mobility and how cities interact with their residents,” explained Hilleboe. “We believe Passport’s technology platform at the epicenter of mobility, payments, and smart cities will enable the company to be a leader in the digitization of our cities. We are excited about our opportunity to support the company as it continues its significant growth.”
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