Vancouver’s Spare today announced the successful completion of its Series B funding round, raising $42 million.
The funding round was led by Inovia Capital, a longtime partner and lead investor from Spare’s $18 million Series A round. 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.
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.
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.
Spare was founded by Kristoffer Vik Hansen, Josh Andrews and Alexey Indeev in 2015.
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