Spare Blog | Spare Secures $42M in Series B Funding to Accelerate Growth in Demand Response Transit Solutions
Summary
See how this investment will drive innovation in paratransit and beyond.VANCOUVER, British Columbia, 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. 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. 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 Spares mission to make transit more accessible by enabling the freedom of mobility, said Hugues Lalancette, Partner at Inovia Capital. "As early supporters from the Series A round, weve 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, were eager to see Spare drive further innovation and empower more transit agencies to deliver flexible, efficient, and modern services."