Spare, a leading provider of mobility operations software, announced the completion of a C$42 million Series B funding round. Inovia Capital, a longtime partner, led this funding round and lead investor from Spare’s Series A. Other previous investors, including Kensington Capital and Nicola Wealth, also joined.
This new funding round will enable Spare to meet the growing demand for innovative transit solutions, particularly in the paratransit sector.
With the population aging, the need for efficient, flexible, and responsive transportation services has never been more critical. Spare’s solutions were designed to offer this flexibility and efficiency. The funding 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.
Spare 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. And these agencies use the Spare Platform to power their demand response services, whether ADA-paratransit or microtransit. Spare operates in 8 of the 10 largest cities in the US.
One of the notable 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.
With a major presence in North America, Europe, and Asia, Spare is the leading provider of demand response transit software. And 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.
KEY QUOTES:
“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. 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.”
-Spare CEO Kristoffer Vik Hansen
“This funding round will accelerate Spare’s mission to make transit more accessible by enabling the freedom of mobility. 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.”
-Hugues Lalancette, Partner at Inovia Capital
“Spare has been instrumental in helping CapMetro Access transform our paratransit service, making it more efficient and responsive to our community’s needs. Their innovative platform and dedicated support have allowed us to offer a more equitable transit solution, paving the way for future enhancements and expansions.”
-Art Jackson, VP of Demand Response at CapMetro
“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. 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.”
-Dylan Freeze, Director at Kensington Capital
