HomeCanadaSpare Raises $42M in Series B Funding

Spare Raises $42M in Series B Funding

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Spare

Spare, a Vancouver, BC, Canada-based provider of mobility operations software, raised $42M in Series B funding.

The round was led by Inovia Capital. Other previous investors, including Kensington Capital and Nicola Wealth, also participated.

The company intends to use the funds to expand its global reach.

Co-founded by Josh Andrews, Kristoffer Vik Hansen & Alexey Indeev, 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 used to meet each agency’s requirements.

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 platform to power their demand response services, whether ADA-paratransit or microtransit.

The company operates in eight of the 10 largest cities in the United States.

FinSMEs

12/09/2024

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